Having been told that there's no bubble in low quality credit, valuations are 'normal' in stocks, low volatility does not mean complacency, and there's no inflation (it's all noise you idiot); VIX was monkey-hammered to new cycle lows back to a 10-handle (lowest since Feb 2007). This smashing of vol led to a surging of "most shorted" stocks with the S&P hitting new all-time record highs. Post-FOMC, the S&P 500 rose 10 points, 10Y -4bps, 2Y unch, gold was unch, and the USD was -0.1%.
The CrucuiVIXion...
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The short-squeeze...
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The S&P surge...
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tick for tick with VIX...
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The broad stock market reaction...
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The bond market reaction... (2Y unch)
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The Gold reaction...
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The USD reaction...
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It is clear - The Fed would rather clean up the total disaster than attempt to avert it...
Charts: Bloomberg
Bonus Chart: WTF
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