Equity market wont get really hurt until credit markets (high yield) demand more QE and Powell refuses. Junk is currently closed to new issuance. That suggests July we gets real. We are 7 times more leveraged than we were in 2008. Crisis to Crisis .
What did we learn today? 1. Fed days are invitations to squeeze the stupid short money, and 2. Equity market wont get really hurt until credit markets (high yield) demand more QE and Powell refuses. 3. Junk is currently closed …