This year’s hottest derivatives trade, and perhaps also its most divisive, stole the limelight one final time for 2023 as market watchers cast zero-day options as the villains behind Wednesday’s rally-ending slump in US equities.
Within hours of the Federal Reserve’s latest policy decision, traders and commentators alike had started to challenge Chair Jerome Powell’s assessment of the economy.
We may not be in a bond bear market, but we are in a bearish market for bonds. A dangerous one, even.
