Iran 'MOU' Deal Triggers 'Great Rotation': Traders Using 'Semis-Energy' Barbell As 'Source Of Funds'

Markets may be snoozing into new Fed Chair Warsh’s first meeting, but under the surface there is a growing rotation (or divergence) that we have discussed recently as crowded trades are unwound and inflation tails shortened.

With regard to The Fed, Nomura strategist Charlie McElligott believes the outcomes to be well-socialized at this point: