Everything everywhere all at once

This is turning into a day (and a week) for the history books.

Oftentimes in the lead-up to the FOMC decision it's quiet but today it's coming from all sides.

  1. An emergency ECB meeting that under-delivered
  2. Extraordinary pressure mounting on the BOJ to abandon yield-curve control and a Soros-style bet against it
  3. USD/JPY at 24-highs, GBP/USD nearly 38-year lows
  4. The White House called an emergency meeting on refinery capacity as the panic over high energy prices continues
  5. A crypto meltodown and evidence of the demise of the 3AC crypto hedge fund
  6. +10% swings in US and European natural gas prices due to an explosion at Freeport LNG

I get the sense that anticipation about the Fed is the only thing holding markets together but that all this uncertainty will be a catalyst for an even-worse flush that what we've seen. The pressure on Powell today is enormous.

S&P 500 futures are up 35 points.

3AC cofounder today with a cryptic tweet
3AC cofounder today with a cryptic tweet

3AC cofounder today with a cryptic tweet