Costanza is going all in on the idea that reflation is a farce, growth concerns can reemerge, central banks will NOT be on hold in 2020, ranges will be broken, and volatility is too low...
In the end, the preemptive liquidity tsunami unleashed by the Fed in mid-December which backstopped just shy of $500 billion in liquidity, proved enough to keep any latent repo market crisis at bay.
Global markets and US index futures dipped on the last day of the year after retreating from record highs in the previous session, as a spectacular Wall Street rally which saw the S&P return almost 29% in 2019 fizzled out in the final days of the decade.
New manufacturing orders picked up, but the improvement in manufacturing was concentrated in large- and medium-sized enterprises with small enterprises plunging deeper into contraction (at 47.2).
