When Larry Summers stepped away from the nomination for Fed Chair, S&P 500 futures ramped vertically by over 20 points. The reaction to the nomination of Janet Yellen managed a limp 6 point surge in S&P futures. Worse still, it took 24 hours for the Summers-Out ramp to be cut in half... Yellen's 'ramp' has already given back half of her gains in 90 minutes. It seems The White House needs change of narrative - or just another bargaining chip to piss the Republicans off - and judging by the "sudden" rip higher in AUDJPY, 'someone' is trying desperately to spark some momentum ignition... but for now - it's not working. Timing is everything we guess.
Well that's not very impressive is it?
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Especially when compared to Summers-Out news...
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It seems the market priced in the Queen of Doves in the run-up to the un-Taper.
But that's not stopping the machines from trying their best to spark a rally...
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Someone wants this Yellen nomination to be a big deal - they just chose a bad time to do it...
Someone really really really wants the US equity market higher - 3rd momentum ignition try tonight...
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Charts: Bloomberg