It is markets like this that make me wish that I was sitting in the lounge at the Cap Ducal hotel in Valparaiso Chile staring off at the Pacific Ocean.
Except that my Spanish is so bad that a war would probably ensue.
Which is it? The fear that the Trump-Xie tariff truce is a big nothing burger? Or that NY Fed President came out after noon saying that inflation and jobs look good and isn’t worried that markets have dialed back ’19 hikes.
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My bet is on Williams’ announcement of economic optimism and the likelihood of further rate hikes.
And the Treasury 10Y-2Y curve flattened further to 10 BPS.
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