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Tail(s) Wag Dog(s)
Another volatile if ultimately quite featureless day Tuesday in terms of net price movements across bonds, FX, and equities. The latter have just closed in New York with the S&P500 and NASDAQ both up around 1%. Netflix has jumped 10% post-close on an earnings beat and stronger than expected subscriber growth. The selloff in bonds, globally not just in New Zealand following the shocking upside surprise in its CPI report (both headline and underling measures) that was subsequently reversed in part on an FT report saying the Bank of England would likely not proceed with QT bond sales at month-end, has seen a ... (full story)