No QT neutralisation
The driver for yesterday's rally was the quarterly refunding estimate of the US Treasury Department, which implied, that balance sheet runoff could be neutralised for a couple weeks by less short term funding (see SPX Gamma Wrap).
This drivers has entirely evaporated today (see chart above) as yields for short term papers continue to rise again. Something to keep in mind.
This drivers has entirely evaporated today (see chart above) as yields for short term papers continue to rise again. Something to keep in mind.
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