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Free money and QE dampening volatility even as Russia enters Ukraine
Last night is a night on markets which show the power of free money and zero interest rates on volatility. Even though Russia appears to have quietly “invaded” Ukraine and even thought US Q2 GDP was revised up to a stellar 4.2%. The level of market moves – or to be frank the lack thereof – is remarkable because in a pre-GFC world these two events on the same night would have seen stocks sell off, the US dollar roar and most likely US yields rise as the focus on tightening renewed. Not last night, not in this new world of free love and free cash. This is a powerful message to traders, from traders – don’t ... (full story)