"This is the most negative rebalancing flow since the virus crisis.... this negative rebalancing flow becomes even more problematic given this month’s sharp decline in equity market depth"
Acts one and three are pretty straightforward in terms of the Fed’s current narrative: March – May’s COVID Crisis was Act One and Act Three will be the eventual normalization of monetary policy. But Act Two is much harder to write.
"The Fed may follow up by announcing some new easing steps in accordance with its new regime, though the general market consensus seems to be that it will adopt a wait and watch approach."
If you say “September 11”, most people automatically think of the attacks of 2001... What they probably don’t even remember happened on September 11, were the attacks on the US Consulate in Benghazi, Libya, in 2012.
