Nomura Warns Of Post-Fed "Clustering Of Downside-Flow Accelerants"

US equity markets did not take kindly to Powell's reality-check that when he says "higher for longer" he doesn't mean "we're done hiking so now we'll start cutting". As rate-cut expectations for next year have plunged (SOFR Z3-Z4 now at -82bps, from over -160bps in July)...

Source: Bloomberg