Market Commentary

FRB Powell’s speech was widely a nonevent.  All markets sifted through comments from him and other Fed officials.  Powell stated officials “will proceed carefully” on whether to

A rally in big tech fizzled as bond yields rose with all parsing remarks from a slew of Federal Reserve officials and awaiting today’s speech by FRB Chair Powell for clues on

Relatively speaking, the Treasury market was quiet yesterday.  Amongst participants, there was more conversation about potentially changing the inflationary speed limit from 2% to

The selloff in longer dated Treasuries is continuing.  Yields on the benchmark 10-year and 30-year Treasuries are at their highest levels since 2007 and

Global government bond yields extended their climb with the US 30-year reaching the highest point since 2011 and other benchmarks returning to

Will trading in option contracts known as zero days to expiration (ODTE) become the bane of the markets?  Goldman wrote yesterday “a flurry of trading in ODTE caused the S & P 500 to slide about 0.4% in 20 minutes.”  Goldman stated there is not

It is widely believed the Fed is near the end of its tightening campaign, a campaign that has sent rates logarithmically higher from 0.00% in March 2022 to

Second quarter GDP rose at a 2.4% annualized rate, above the consensus view of 1.8%.  The GDP deflator rose at a 2.2% rate, well below the consensus of 3.0% and the core rate was 3.8% also below

Trading was muted yesterday ahead of earnings from two tech mega caps—MSFT and GOOG– and the Fed meeting.

Markets were bifurcated yesterday as both TSLA and NFLX profit reports were disappointing.  The NASDAQ dropped about 2.3% and the Dow was up about 0.5%.  Markets were also spooked by