Despite all the excitement in fixed income and forward Fed pricing, equity markets carried on as if it’s just another up-day, with the S&P 500 rallying to close higher by 0.5% led by financials. Not a whole lot to add on that front except for the fact that retail-favourite names continue to lead the way higher on this rally. More interestingly though, an interesting chart from Bloomberg showed that this year’s rally has all come during the NY hours instead of overnight, which is the opposite of what has tended to happen in past years. This suggests that this year’s equity rally has been led by real-money buying out of US-based accounts, rather than just being a futures led-move from just the speculative side.
