They all_老虎社区_美港股上老虎

KAYUE
2021-06-24

They all

Fed's Kaplan Sparks Late-Day Dump On Rate-Hike, Taper Talk<blockquote>美联储卡普兰尾盘引发加息和缩减开支言论</blockquote>

Ugly PMIs (Services recovery collapsed), and even uglier housing data suggest all is not well under

Fed's Kaplan Sparks Late-Day Dump On Rate-Hike, Taper Talk<blockquote>美联储卡普兰尾盘引发加息和缩减开支言论</blockquote>

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

推荐
最新

暂无评论

热议股票

{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":128229215,"tweetId":"128229215","gmtCreate":1624519516437,"gmtModify":1634004937976,"author":{"id":3575689993297231,"idStr":"3575689993297231","authorId":3575689993297231,"authorIdStr":"3575689993297231","name":"KAYUE","avatar":"https://static.tigerbbs.com/7200fc06376af1e7bd44abadbee90310","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>They all</body></html>","htmlText":"<html><head></head><body>They all</body></html>","text":"They all","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/128229215","repostId":1149718989,"repostType":4,"repost":{"id":"1149718989","kind":"news","pubTimestamp":1624517302,"share":"https://www.laohu8.com/m/news/1149718989?lang=zh_CN&edition=full","pubTime":"2021-06-24 14:48","market":"us","language":"en","title":"Fed's Kaplan Sparks Late-Day Dump On Rate-Hike, Taper Talk<blockquote>美联储卡普兰尾盘引发加息和缩减开支言论</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149718989","media":"zerohedge","summary":"Ugly PMIs (Services recovery collapsed), and even uglier housing data suggest all is not well under ","content":"Ugly PMIs (Services recovery collapsed), and even uglier housing data suggest all is not well under the surface of the \"excellent\" recovery andthat \"hope\"-filled gap between 'soft' and hard data is set to slump again...<blockquote>丑陋的PMI（服务业复苏崩溃），甚至更丑陋的房地产数据表明，在“出色”复苏的表面下，一切都不太好“软”数据和硬数据之间充满“希望”的差距将再次缩小...</blockquote> <img src=\"https://static.tigerbbs.com/8cda4e45787d67eefabc511b96083584\" tg-width=\"500\" tg-height=\"269\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> But markets just shrugged it off as the echoes of Powell's dovish promises bounced around their frontal cortexes.<blockquote>但随着鲍威尔鸽派承诺的回声在他们的额叶皮层回荡，市场对此不屑一顾。</blockquote> While Small Caps did their manic thing; The Dow, S&amp;P, and Nasdaq all trod water all day in a very narrow range... UNTIL this happened...<blockquote>而小盘股则做着疯狂的事情；道琼斯指数、S&amp;P指数和纳斯达克指数全天都在非常狭窄的区间内波动...直到这件事发生...</blockquote> The U.S. economy will likely meet the Federal Reserve’s threshold for tapering its asset purchases sooner than people think,said Dallas Fed President&nbsp;Robert Kaplan, who has penciled in an interest-rate increase next year. “As we make substantial further progress, which I think will happen sooner than people expect -- sooner rather than later -- and we’re weathering the pandemic, I think we’d be far better off, from a risk-management point of view, beginning to adjust these purchases of Treasuries and mortgage-backed securities,” Kaplan said Wednesday in an interview with Bloomberg News. “If we do these purchases longer than might be necessary, for me it actually may reduce our flexibility in adjusting rates,” Kaplan said. “I’d rather start tapering, assuming we meet our conditions, sooner rather than laterso that we have more flexibility in deciding what we want to do on rates down the road.” And the selling began sending The Dow, S&amp;P and Nasdaq into the red for the day...<blockquote>美国经济可能会比人们想象的更早达到美联储缩减资产购买的门槛，达拉斯联储主席罗伯特·卡普兰表示，他预计明年将加息。“随着我们取得实质性的进一步进展，我认为这将比人们预期的更快发生——宜早不宜迟——我认为我们正在经受住大流行的考验从风险管理的角度来看，我们最好开始调整这些国债和抵押贷款支持证券的购买，”卡普兰周三在接受彭博新闻社采访时表示。卡普兰说：“如果我们进行这些购买的时间超过了必要的时间，对我来说，实际上可能会降低我们调整利率的灵活性。”“假设我们满足条件，我宁愿开始缩减规模，宜早不宜迟这样我们就可以更灵活地决定未来的利率。”抛售开始导致道琼斯指数、标准普尔指数和纳斯达克指数当天出现亏损...</blockquote> <img src=\"https://static.tigerbbs.com/1ff6694249b9bc71839f52b6b4221e57\" tg-width=\"1280\" tg-height=\"761\"><blockquote></blockquote> Since just before the FOMC statement last week, The Dow and Small Caps are in the red and Nasdaq the big outperformer...<blockquote>自上周FOMC声明之前以来，道琼斯指数和小盘股均出现亏损，而纳斯达克则表现出色...</blockquote> <img src=\"https://static.tigerbbs.com/d9ab62307fd701a7ab69ea9d772ed6ea\" tg-width=\"1280\" tg-height=\"667\"><blockquote></blockquote> VIX fell to a 14 handle intraday...<blockquote>VIX盘中跌至14手柄...</blockquote> <img src=\"https://static.tigerbbs.com/25cceb65d19453c8bd0cec9f673a2a99\" tg-width=\"1280\" tg-height=\"782\"><blockquote></blockquote> This is how quiet it was...<blockquote>这就是它有多安静...</blockquote> <img src=\"https://static.tigerbbs.com/07bd1728d85768e3bc4ec5e53ee63fe0\" tg-width=\"983\" tg-height=\"533\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> Treasury yields also went nowhere fast, eventually rising 1-2bps across the curve on the day (10Y now unchanged from pre-FOMC)...<blockquote>美国国债收益率也没有快速上升，最终在当天上升了1-2个基点（10年期国债收益率与FOMC之前持平）...</blockquote> <img src=\"https://static.tigerbbs.com/85fc3af45e9ec12cc01327005d47223c\" tg-width=\"948\" tg-height=\"516\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> And while the dollar chopped around, it ended spectacularly unch...<blockquote>虽然美元大幅下跌，但它以惊人的下跌结束...</blockquote> <img src=\"https://static.tigerbbs.com/002248d3c60d4616effa79b22bcbba39\" tg-width=\"948\" tg-height=\"514\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> There were some fireworks of note.<blockquote>有一些值得注意的烟火。</blockquote> Fannie &amp; Freddie were destroyed by SCOTUS ruling...<blockquote>房利美和房地美被斯科特的裁决摧毁了...</blockquote> <img src=\"https://static.tigerbbs.com/7d7353fdc764bafc58ecf791e51d0d0d\" tg-width=\"983\" tg-height=\"533\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> Crypto ended very marginally higher after giving back some overnight gains. Bitcoin briefly touched $35k before sliding...<blockquote>加密货币在回吐隔夜涨幅后小幅收高。比特币在下滑前曾短暂触及35,000美元...</blockquote> <img src=\"https://static.tigerbbs.com/4348d98ab45cf55f88e39c2ccbbb76eb\" tg-width=\"948\" tg-height=\"517\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> WTI whipped higher and lower on OPEC+ production, inventories, and weak data...<blockquote>WTI因欧佩克+产量、库存和疲软数据而上下波动...</blockquote> <img src=\"https://static.tigerbbs.com/43b39fa8873078835dc92bf743a297bd\" tg-width=\"1280\" tg-height=\"785\"><blockquote></blockquote> Gold followed a similar trajectory - ending unch...<blockquote>黄金遵循了类似的轨迹——结束unch...</blockquote> <img src=\"https://static.tigerbbs.com/e11d5501a7275e2733649b66a1a2b514\" tg-width=\"1280\" tg-height=\"786\">Finally,&nbsp;we note that the real measure of market fear - implied correlation - has collapsed, finally reverting to pre-COVID levels...<blockquote>最后，我们注意到，衡量市场恐惧的真正指标——隐含相关性——已经崩溃，最终恢复到新冠疫情前的水平...</blockquote> <img src=\"https://static.tigerbbs.com/6258cfa0f1351cffb809304fb9436c80\" tg-width=\"983\" tg-height=\"530\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> The implied correlation,a topic we have discussed in the past at length, quantifies the difference between the index's volatility and the summation of the underlying volatility of the names in an index. In a nutshell,the implied correlation measures the relative demand for instant liquid index macro protection relative to its underlying names(a slower less liquid way to protect yourself). Thehigher the correlation, the greater the risk of a very significant systemic downside move(since correlations tend to approach 1 when systemically bad events occur).<blockquote>隐含的相关性，我们过去详细讨论过的一个主题是量化指数波动性与指数中名称的基础波动性总和之间的差异。简而言之，隐含相关性衡量即时液体指数宏观保护相对于其基础名称的相对需求（一种更慢、更少液体的保护自己的方法）。The相关性越高，出现非常显著的系统性下行的风险就越大（因为当系统性不良事件发生时，相关性往往接近1）。</blockquote> <img src=\"https://static.tigerbbs.com/6bd8ff388a778bddfd2c365dc4c45b55\" tg-width=\"976\" tg-height=\"506\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> By implicitly measuring the market's demand for this relative protection - and its implicit downside risk sentiment -implied correlation is much more applicable as a measure of investor sentiment... which right now is about as complacent as its ever been.<blockquote>通过隐含地衡量市场对这种相对保护的需求——及其隐含的下行风险情绪——隐含相关性更适合作为投资者情绪的衡量标准...现在和以前一样自满。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed's Kaplan Sparks Late-Day Dump On Rate-Hike, Taper Talk<blockquote>美联储卡普兰尾盘引发加息和缩减开支言论</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed's Kaplan Sparks Late-Day Dump On Rate-Hike, Taper Talk<blockquote>美联储卡普兰尾盘引发加息和缩减开支言论</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-06-24 14:48\n\n</h4>\n</header>\n<article>\nUgly PMIs (Services recovery collapsed), and even uglier housing data suggest all is not well under the surface of the \"excellent\" recovery andthat \"hope\"-filled gap between 'soft' and hard data is set to slump again...<blockquote>丑陋的PMI（服务业复苏崩溃），甚至更丑陋的房地产数据表明，在“出色”复苏的表面下，一切都不太好“软”数据和硬数据之间充满“希望”的差距将再次缩小...</blockquote> <img src=\"https://static.tigerbbs.com/8cda4e45787d67eefabc511b96083584\" tg-width=\"500\" tg-height=\"269\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> But markets just shrugged it off as the echoes of Powell's dovish promises bounced around their frontal cortexes.<blockquote>但随着鲍威尔鸽派承诺的回声在他们的额叶皮层回荡，市场对此不屑一顾。</blockquote> While Small Caps did their manic thing; The Dow, S&amp;P, and Nasdaq all trod water all day in a very narrow range... UNTIL this happened...<blockquote>而小盘股则做着疯狂的事情；道琼斯指数、S&amp;P指数和纳斯达克指数全天都在非常狭窄的区间内波动...直到这件事发生...</blockquote> The U.S. economy will likely meet the Federal Reserve’s threshold for tapering its asset purchases sooner than people think,said Dallas Fed President&nbsp;Robert Kaplan, who has penciled in an interest-rate increase next year. “As we make substantial further progress, which I think will happen sooner than people expect -- sooner rather than later -- and we’re weathering the pandemic, I think we’d be far better off, from a risk-management point of view, beginning to adjust these purchases of Treasuries and mortgage-backed securities,” Kaplan said Wednesday in an interview with Bloomberg News. “If we do these purchases longer than might be necessary, for me it actually may reduce our flexibility in adjusting rates,” Kaplan said. “I’d rather start tapering, assuming we meet our conditions, sooner rather than laterso that we have more flexibility in deciding what we want to do on rates down the road.” And the selling began sending The Dow, S&amp;P and Nasdaq into the red for the day...<blockquote>美国经济可能会比人们想象的更早达到美联储缩减资产购买的门槛，达拉斯联储主席罗伯特·卡普兰表示，他预计明年将加息。“随着我们取得实质性的进一步进展，我认为这将比人们预期的更快发生——宜早不宜迟——我认为我们正在经受住大流行的考验从风险管理的角度来看，我们最好开始调整这些国债和抵押贷款支持证券的购买，”卡普兰周三在接受彭博新闻社采访时表示。卡普兰说：“如果我们进行这些购买的时间超过了必要的时间，对我来说，实际上可能会降低我们调整利率的灵活性。”“假设我们满足条件，我宁愿开始缩减规模，宜早不宜迟这样我们就可以更灵活地决定未来的利率。”抛售开始导致道琼斯指数、标准普尔指数和纳斯达克指数当天出现亏损...</blockquote> <img src=\"https://static.tigerbbs.com/1ff6694249b9bc71839f52b6b4221e57\" tg-width=\"1280\" tg-height=\"761\"><blockquote></blockquote> Since just before the FOMC statement last week, The Dow and Small Caps are in the red and Nasdaq the big outperformer...<blockquote>自上周FOMC声明之前以来，道琼斯指数和小盘股均出现亏损，而纳斯达克则表现出色...</blockquote> <img src=\"https://static.tigerbbs.com/d9ab62307fd701a7ab69ea9d772ed6ea\" tg-width=\"1280\" tg-height=\"667\"><blockquote></blockquote> VIX fell to a 14 handle intraday...<blockquote>VIX盘中跌至14手柄...</blockquote> <img src=\"https://static.tigerbbs.com/25cceb65d19453c8bd0cec9f673a2a99\" tg-width=\"1280\" tg-height=\"782\"><blockquote></blockquote> This is how quiet it was...<blockquote>这就是它有多安静...</blockquote> <img src=\"https://static.tigerbbs.com/07bd1728d85768e3bc4ec5e53ee63fe0\" tg-width=\"983\" tg-height=\"533\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> Treasury yields also went nowhere fast, eventually rising 1-2bps across the curve on the day (10Y now unchanged from pre-FOMC)...<blockquote>美国国债收益率也没有快速上升，最终在当天上升了1-2个基点（10年期国债收益率与FOMC之前持平）...</blockquote> <img src=\"https://static.tigerbbs.com/85fc3af45e9ec12cc01327005d47223c\" tg-width=\"948\" tg-height=\"516\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> And while the dollar chopped around, it ended spectacularly unch...<blockquote>虽然美元大幅下跌，但它以惊人的下跌结束...</blockquote> <img src=\"https://static.tigerbbs.com/002248d3c60d4616effa79b22bcbba39\" tg-width=\"948\" tg-height=\"514\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> There were some fireworks of note.<blockquote>有一些值得注意的烟火。</blockquote> Fannie &amp; Freddie were destroyed by SCOTUS ruling...<blockquote>房利美和房地美被斯科特的裁决摧毁了...</blockquote> <img src=\"https://static.tigerbbs.com/7d7353fdc764bafc58ecf791e51d0d0d\" tg-width=\"983\" tg-height=\"533\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> Crypto ended very marginally higher after giving back some overnight gains. Bitcoin briefly touched $35k before sliding...<blockquote>加密货币在回吐隔夜涨幅后小幅收高。比特币在下滑前曾短暂触及35,000美元...</blockquote> <img src=\"https://static.tigerbbs.com/4348d98ab45cf55f88e39c2ccbbb76eb\" tg-width=\"948\" tg-height=\"517\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> WTI whipped higher and lower on OPEC+ production, inventories, and weak data...<blockquote>WTI因欧佩克+产量、库存和疲软数据而上下波动...</blockquote> <img src=\"https://static.tigerbbs.com/43b39fa8873078835dc92bf743a297bd\" tg-width=\"1280\" tg-height=\"785\"><blockquote></blockquote> Gold followed a similar trajectory - ending unch...<blockquote>黄金遵循了类似的轨迹——结束unch...</blockquote> <img src=\"https://static.tigerbbs.com/e11d5501a7275e2733649b66a1a2b514\" tg-width=\"1280\" tg-height=\"786\">Finally,&nbsp;we note that the real measure of market fear - implied correlation - has collapsed, finally reverting to pre-COVID levels...<blockquote>最后，我们注意到，衡量市场恐惧的真正指标——隐含相关性——已经崩溃，最终恢复到新冠疫情前的水平...</blockquote> <img src=\"https://static.tigerbbs.com/6258cfa0f1351cffb809304fb9436c80\" tg-width=\"983\" tg-height=\"530\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> The implied correlation,a topic we have discussed in the past at length, quantifies the difference between the index's volatility and the summation of the underlying volatility of the names in an index. In a nutshell,the implied correlation measures the relative demand for instant liquid index macro protection relative to its underlying names(a slower less liquid way to protect yourself). Thehigher the correlation, the greater the risk of a very significant systemic downside move(since correlations tend to approach 1 when systemically bad events occur).<blockquote>隐含的相关性，我们过去详细讨论过的一个主题是量化指数波动性与指数中名称的基础波动性总和之间的差异。简而言之，隐含相关性衡量即时液体指数宏观保护相对于其基础名称的相对需求（一种更慢、更少液体的保护自己的方法）。The相关性越高，出现非常显著的系统性下行的风险就越大（因为当系统性不良事件发生时，相关性往往接近1）。</blockquote> <img src=\"https://static.tigerbbs.com/6bd8ff388a778bddfd2c365dc4c45b55\" tg-width=\"976\" tg-height=\"506\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> By implicitly measuring the market's demand for this relative protection - and its implicit downside risk sentiment -implied correlation is much more applicable as a measure of investor sentiment... which right now is about as complacent as its ever been.<blockquote>通过隐含地衡量市场对这种相对保护的需求——及其隐含的下行风险情绪——隐含相关性更适合作为投资者情绪的衡量标准...现在和以前一样自满。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bonds-dollar-shrug-dismal-data-oddly-quiet-day\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/stocks-bonds-dollar-shrug-dismal-data-oddly-quiet-day","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149718989","content_text":"Ugly PMIs (Services recovery collapsed), and even uglier housing data suggest all is not well under the surface of the \"excellent\" recovery andthat \"hope\"-filled gap between 'soft' and hard data is set to slump again...\nSource: Bloomberg\nBut markets just shrugged it off as the echoes of Powell's dovish promises bounced around their frontal cortexes.\nWhile Small Caps did their manic thing; The Dow, S&P, and Nasdaq all trod water all day in a very narrow range... UNTIL this happened...\n\nThe U.S. economy will likely meet the Federal Reserve’s threshold for tapering its asset purchases sooner than people think,said Dallas Fed President Robert Kaplan, who has penciled in an interest-rate increase next year.\n\n\n “As we make substantial further progress, which I think will happen sooner than people expect -- sooner rather than later -- and we’re weathering the pandemic, I think\n we’d be far better off, from a risk-management point of view, beginning to adjust these purchases of Treasuries and mortgage-backed securities,” Kaplan said Wednesday in an interview with Bloomberg News.\n\n\n “If we do these purchases longer than might be necessary, for me it actually may reduce our flexibility in adjusting rates,” Kaplan said.\n\n\n“I’d rather start tapering, assuming we meet our conditions, sooner rather than laterso that we have more flexibility in deciding what we want to do on rates down the road.”\n\nAnd the selling began sending The Dow, S&P and Nasdaq into the red for the day...\n\nSince just before the FOMC statement last week, The Dow and Small Caps are in the red and Nasdaq the big outperformer...\n\nVIX fell to a 14 handle intraday...\n\nThis is how quiet it was...\nSource: Bloomberg\nTreasury yields also went nowhere fast, eventually rising 1-2bps across the curve on the day (10Y now unchanged from pre-FOMC)...\nSource: Bloomberg\nAnd while the dollar chopped around, it ended spectacularly unch...\nSource: Bloomberg\nThere were some fireworks of note.\nFannie & Freddie were destroyed by SCOTUS ruling...\nSource: Bloomberg\nCrypto ended very marginally higher after giving back some overnight gains. Bitcoin briefly touched $35k before sliding...\nSource: Bloomberg\nWTI whipped higher and lower on OPEC+ production, inventories, and weak data...\n\nGold followed a similar trajectory - ending unch...\nFinally, we note that the real measure of market fear - implied correlation - has collapsed, finally reverting to pre-COVID levels...\nSource: Bloomberg\nThe implied correlation,a topic we have discussed in the past at length, quantifies the difference between the index's volatility and the summation of the underlying volatility of the names in an index. In a nutshell,the implied correlation measures the relative demand for instant liquid index macro protection relative to its underlying names(a slower less liquid way to protect yourself). Thehigher the correlation, the greater the risk of a very significant systemic downside move(since correlations tend to approach 1 when systemically bad events occur).\nSource: Bloomberg\nBy implicitly measuring the market's demand for this relative protection - and its implicit downside risk sentiment -implied correlation is much more applicable as a measure of investor sentiment... which right now is about as complacent as its ever been.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1446,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}