Today's FOMC minutes made it clear the latter was not the case and
today's macro data made it clear this weakness is not just the weather.
With US macro data at six-month lows, the last 2 days saw credit and equity protection markets well bid - even as underlying stocks surged back to unchanged on the year.
However, between Fed talking-heads and the FOMC minutes, hope faded... stocks
tumbled, credit widened, Treasury yields surged higher, the USD jumped,
and precious metals were slammed into the red on the week. Volume - surprise surprise - was the highest in over a week.
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