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Fed needs to push back to prevent the markets prematurely easing on its behalf

Two-year Treasury yields fell the most since Lehman Brothers failed in 2008, and before that since the Sept. 11, 2001, attacks. 

The ICE U.S. dollar index plunged 3.85% in two days, only slightly less than the 4.08% in the two days after the international Plaza Accord designed to weaken the greenback was made public in 1985.

Stocks naturally soared, with the S&P 500 up 5.5% and the ARK Innovation ETF, which holds lots of lossmaking do-or-die growth stocks, having by far its best day ever with a 14.5% gain.

Goldman Sachs’s overall measure of financial conditions combining stocks, interest rates, corporate bond spreads and the dollar loosened at a rate only previously seen in March 2020 and during the Fed’s emergency response to the 2008-9 financial crisis. 

James Mackintosh WSJ 16 November 2022


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