Markets have been trying to fool investors into thinking that the lack of volatility is a positive sign. But the underlying cause has been more derivative led than fundamental, and today’s trading served a reminder that headwinds remain. Earnings and economics have taken over with a side of debt ceiling debate, putting investors into a classic risk-off mood. Dallas Fed missed yesterday (following a weaker Phili Fed last week) and the Richmond Fed followed suit (-10 vs estimates of -8) today. Co…
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