Unchanged... It sure doesn't feel unchanged
- Short gamma has been a painful strategy to run over the past weeks, but if you zoom out, you realize you could have sold all options, collected theta, only to realize we are trading where we traded two weeks ago
- If this is the start of something bigger......then there will be a lot of pain. The question is did we just front run seasonality by a few days?
- Never forget the real rates connection
- Fed likes what they see
- Expected future US inflation as measured by Treasury Inflation Protected Securities (TIPS) prices
- It will reverse eventually, but probably when nobody expects it
https://www.zerohedge.com/political/nyt-right-wing-conspiracy-theory-comes-true-less-24-hours
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