The Week Ahead
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After an eventful week and what I would say was a strange reaction to the jobs numbers, markets are in a good spot to bounce back. The instant takeaway for me post jobs was that 25bps is a done deal despite the SOFR noise.
Friday was a head-in-hands kind of day; most of the week was for me, in fact. I walked away from the desk, unsure why markets did what they did. I gave it some time over the weekend, but I am still not grasping it other than the move being positioned related…
It was a pretty poor week; hedges finally kicked in on Friday. Port was -2.96% for the week vs SPX -4.2%, so there were some positives to take away…
Please re-read last week’s post, as not much has changed; much still applies.