Early one today as the weekend approaches…QQQs +55bps selling off a bit here…Big squeezy day as Powell made it official that the Fed will start cutting in Sept in a dovish speech where he sounded increasingly concerned about the outlook for labor and basically said the Fed doesn’t want to see the unemployment rate rise any further than it already has: “We do not seek or welcome further cooling in labor market conditions.” Yields are falling with the 2 year dn 7bps and 10 year dn 4 bps…Non-profitable tech +5% as TMT momentum pair -1.7% and large cap lagged..Let’s get to the recap
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