This is turning into a day (and a week) for the history books.
Oftentimes in the lead-up to the FOMC decision it’s quiet but today it’s coming from all sides.
- An emergency ECB meeting that under-delivered
- Extraordinary pressure mounting on the BOJ to abandon yield-curve control and a Soros-style bet against it
- USD/JPY at 24-highs, GBP/USD nearly 38-year lows
- The White House called an emergency meeting on refinery capacity as the panic over high energy prices continues
- A crypto meltodown and evidence of the demise of the 3AC crypto hedge fund
- +10% swings in US and European natural gas prices due to an explosion at Freeport LNG
I get the sense that anticipation about the Fed is the only thing holding markets together but that all this uncertainty will be a catalyst for an even-worse flush that what we’ve seen. The pressure on Powell today is enormous.
S&P 500 futures are up 35 points.
3AC cofounder today with a cryptic tweet
This article was originally published by Forexlive.com. Read the original article here.