The Market Brief
U.S. stock index futures were muted during early trading on Thursday, following a rollercoaster session marked by concerns about the Federal Reserve's independence.
Impact Snapshot
🟥 Unemployment Claims - 8:30am
🟥 Retail Sales - 8:30am
Macro Viewpoint
The most notable event of yesterday’s trading session were the swirling headlines about Trump firing Powell.
The yield curve twisted steeper around the 10Y which was unchanged during the period of time when headlines suggested that Trump would follow through on firing him and before Trump denied that he would fire Powell.
Despite all the noise, markets show resilience. The tape is still underpinned by technicals, CTA re-leveraging, vol control flows, and persistent retail interest.
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