EDM16. Notice- after a protracted period of sideways movement punctuated with position building declines - insert silly Fed reason here - A huge "crash up" took place on Oct 15. (We may have posted some earlier stuff on that ) Then, more recently, the "In Crowd" seems to have rebooted with a long bias around the old prevailing highs..Lets call this November. Now, starting with another reach Wed. morning and continuing into a black hole repricing down after today's data....someone has been caught on the wrong side of the street...again.
Just to be clear, these are the rates that all the FG and statements and pressers are supposed to keep steady so participant's don't get faces ripped off and cause embarrassing global financial problems. Nice work, boys. Several times today I heard the meme that this movement was/would be a "Good thing." My sense is a large portion of the community, driven out, reversed and clobbered again, doesn't agree.