Daily Alert – Wednesday 22nd February 2023: Looking for hawkish Fed minutes

Mark NugentDaily Alert, Feb 2023

Daily Alert – Wednesday 22nd February 2023: Looking for hawkish Fed minutes

Good morning.

It’s looking like maybe the equities traders have finally accepted the hawkishness of the Fed. US equities dropped yesterday by over one times each indices’ respective ATR. That’s significant in my book. The USD and the 10-year yield both rose. Everything is in sync. Like it should be. And used to be. Hurray!

We have the Fed minutes tonight which must, just must confirm the Fed’s hawkishness. That’s all the various Fed Chairs have been spouting for weeks now. Don’t mess it up now boys and girls.

I am looking closely at shorting the S&P500, despite my stated bias being long. That was before it seemed like the equity traders might be waking up to reality. I also have my eye on WTI long as pricing drops towards recent support. Also, the PMI boosted GBP was always going to revert. So, I am back on my weak-GBP hobby horse.

Roll-on the Fed. 7pm UK-time tonight.

I will be back tomorrow.

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