Seemed appropriate...
Let's start with a quick intraday across the major asset classes...
[9]
Surprise! Volume's back...
[10]
Quite a day for stocks... Something changed today!! No follow through on a post Fed pump...
[11]
Stocks on the week have been wild...
[12]
With all major cash indices red on the week...
[13]
Energy stocks atrting to catch down to reality...
[14]
VIX crashed to unchanged on the FOMC minutes only to rip back higher to 15...
[15]
Who could have seen this coming?
[16]
This is starting to worry us... Financials CDS is really starting to decouple...
[17]
The Treasury Complex was a mess - an inflation spike in yields after the CPI print, followed by a rally as stock dumped.. then a spike in yields on the leaked minutes followed by an aggressive bid...
[18]
The US Dollar held gains after the CPI print (after its flash crash) but started to wilt into the European close. The leaked minutes saw an itial pop then a big dump in the dollar (note the strength all day in Swissy)...
[19]
Commodities were very mixed. Silver screamed higher on the day and gold pushed on to new 1-month highs as Crude and Copper were crushed...
[20]
The October WTI contract was glued at the $40/$41 barrier intop the close after collapsing 4.7% on the day - its biggest drop in 7 weeks and lowest since March 2009 (when the Fed initiated QE1)
[21]
And Copper broke its 15-year trendline...
[22]
We leave you with the following from a St. Louis Fed vice President:
"A Taylor-rule central banker may be convinced that lowering the central bank's nominal interest rate target will increase inflation. This can lead to a situation in which the central banker becomes permanently trapped in ZIRP."
On that note...
Charts: Bloomberg