What else is there to say…
Despite an initial disappointment in stocks, once Janet started speaking, traders started panic-buying… coz everything is awesome…
But notice that stocks extended gains and EURUSD tumbled (USD bid) as Yellen answered a question confirming the “soundness” of the financial system despite credit concerns…
Best 3 days since October…
Panic-Buying NFLX as soon as Yellen started speaking…
But for all the excitement, The Dow remains red for the year…
Oil dumped and stocks pumped post-Yellen… (it looks like the move was all pegged on her jawboning beginning at 1130)…
HYG rallied once again – unable to fill the gap from Thursday…
And credit was not as exuberant as stocks…
Energy credit market continued to collapse (and energy stocks fell)…
And bond yields were considerably higher heading in to the decision, the long-end dumped right after the decision (policy error) before yields surged back higher along with every risk-on asset as Yellen spoke…2s30s was ucnhanged!!
Bond started dumping as soon as Yellen spoke…
The USD was sold on the “news” but quickly bid to hjighs as Yellen started speaking..
Commodities were mixed with some big swings around 8amET (PMs surged) but crude tumbled after the DOE data and copper faded…
Gold’s early surge held but the machines ran all the stops after The Fed statement hit…
Crude plunged…
Charts: Bloomberg
Bonus Chart: Taper Tantrum Deja Vu?
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