It is turnaround Thursday as markets are switching back the other way after the sigh of relief following the Fed decision yesterday.
There was a lot of angst in the buildup to the FOMC meeting, so once that was over and done with it seems like markets were just glad to get over the hump. But given time to digest things, we are starting to see some nerves build up again as there is little to suggest a change in the outlook by the Fed. I shared some thoughts earlier in the day here.
The dollar is running higher as yields jump, while equities are slumping with the mood not helped by the SNB surprising with a policy pivot in European morning trade today. US 2-year yields are also up 15 bps to 3.37% currently.
