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When Even Bloomberg Jokes About It...

When even Bloomberg jokes about the market's levitation...

 

You know the central planners have gone too far...

Last week, markets were under a lot of pressure; over the weekend, the good old plunge protection team, with some new teammates, got back to work; we had Fischer’s comments, bunch of other doves also came out, we are concerned about rest of world, if economy slows, we might raise rates slower; lo and behold, we find stocks bouncing very nicely into the U.S. opening, Bloomberg’s Richard Breslow writes.

 

Stocks once again ahead of bonds...

 

Driven by AUDJPY

 

One of the problems is that policy makers are truly data dependent and are playing it by ear; in the “old” normal world, the market would start to price things as it thought appropriate; now markets are in “we can’t fight City Hall” mode, can’t fight sov wealth funds; the CBs are the most aggressive investors right now, for them to complain about markets, is somewhat disingenuous and depressing.

Source: Richard Breslow via Bloomberg