Nomura Warns ''Squeeze'' Risk Returns As CTAs'' Shorts "Now Essentially Established"
Nomura Warns ''Squeeze'' Risk Returns As CTAs'' Shorts "Now Essentially Established" The ''100 Trillion Dollar Question'' that the world is mulling right now is whether “bad (data) is bad (for markets)” because the Fed and ECB have their hands still tied - i.e. this morning’s ADP miss as a “tell” into NFP - or alternatively, whether “good (data) is bad (for markets)” - i.e. yesterday’s JOLTS and US Consumer Confidence, along with this morning’s “hot” Euro Area inflation beat. Right now, Nomura Strategist Charlie McElligott says in his latest note that it feels like it might be an “all of the above,” at least until we get a number more months of data evidencing fatigue in the inflation impulse State-side, and ultimately, until we begin seeing outright Job LOSSES as the perverse “bullish” signal for Equities, as markets will look to “anticipate the anticipators,” where the Fed may well be forced into “moving the goalposts” back towards a more “balanced” dual-mandate at some point in mid- to late- ’23.
Nomura Warns ''Squeeze'' Risk Returns As CTAs'' Shorts "Now Essentially Established"
Nomura Warns ''Squeeze'' Risk Returns As CTAs'' Shorts "Now Essentially Established" The ''100 Trillion Dollar Question'' that the world is mulling right now is whether “bad (data) is bad (for markets)” because the Fed and ECB have their hands still tied - i.e. this morning’s ADP miss as a “tell” into NFP - or alternatively, whether “good (data) is bad (for markets)” - i.e. yesterday’s JOLTS and US Consumer Confidence, along with this morning’s “hot” Euro Area inflation beat. Right now, Nomura Strategist Charlie McElligott says in his latest note that it feels like it might be an “all of the above,” at least until we get a number more months of data evidencing fatigue in the inflation impulse State-side, and ultimately, until we begin seeing outright Job LOSSES as the perverse “bullish” signal for Equities, as markets will look to “anticipate the anticipators,” where the Fed may well be forced into “moving the goalposts” back towards a more “balanced” dual-mandate at some point in mid- to late- ’23.