Market confusion remains following Fischer's hawkish tone yesterday at J-Hole. Despite market-implied rate-hike odds have barely budged but the USDollar, stocks, VIX, bonds, and commodities are moving notably.
Rate-hike odds barely budged after Fischer – 16% chance of Sept hike (slight rise) and 32% of Dec (so a 48% cumulative chance of a 2016 cut)…
The Dollar is now falling – having risen after Fischer's comments…
Bond yields are tumbling (even 2Y) – having risen after Fischer's comments…
Stocks are fading fast – having risen after Fischer's comments…
Oil's drop is being driven by three main factors – Iraq boosting exports 5%, Niger Delta Avengers backing off, and the Fischer-effect on the USD.
And VIX is surging…
Charts: Bloomberg
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