October started on a very positive note, even though the broader macro environment had not really changed. Yes two different central banks surprised investors with their moves. But one was to stem the slide in Gilts (and LDI margin calls), the other only by raising 25bps (which the RBA said they were going to do). The Fed however, is not in a position that warrants a change in their direction, and the +5.5% move in the S&P 500 early this week only cements their determination to tighten financial conditions.
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