The Powell Fed Day algos were in overdrive today.

Red line: today's S&P 500 action
Blue line: intraday composite of prior 8 Fed Days

A near perfect match from just before 2 PM through the close. https://t.co/b7F0b4jDi4 pic.twitter.com/S7QKNpwHhR

— Bespoke (@bespokeinvest) September 20, 2023

🇺🇸 #Bond Traders See Yields Marching Higher After September Fed Meeting – Bloomberghttps://t.co/IqkJ5iyHQe pic.twitter.com/zMtgblnyqo

— Christophe Barraud🛢🐳 (@C_Barraud) September 21, 2023

JUST IN: According to Apollo, a new default cycle has already started and default rates are skyrocketing.

Default rates on all US corporate bonds have nearly tripled from their lows of ~1% in 2021.

Since the Fed started raising rates, the default rate on all US corporate bonds… pic.twitter.com/pLkqG72GXF

— The Kobeissi Letter (@KobeissiLetter) September 20, 2023

Permanent Strike: Ford Lays Off 600 Workers Due To UAW Strike https://t.co/k5rtAD748e

— zerohedge (@zerohedge) September 19, 2023

MBA: Mortgage Applications Increased in Weekly Survey https://t.co/awpx7rCFNV pic.twitter.com/WRC38w7SgB

— Bill McBride (@calculatedrisk) September 20, 2023

AIA: Architecture Billings "Softening Business Conditions in August"; Multi-family Billings Decline for 13th Consecutive Month https://t.co/UbPl5faPa6 pic.twitter.com/tpsSCocDEs

— Bill McBride (@calculatedrisk) September 20, 2023

https://twitter.com/C_Barraud/status/1704559993628901797

NEW PROJECTIONS FROM THE FED

Compared to June, FOMC officials now expect:

Lower unemployment
Higher GDP Growth
Higher Interest Rates
Higher Inflation pic.twitter.com/Kx9vJynbQm

— Joey Politano 🏳️‍🌈 (@JosephPolitano) September 20, 2023

🇺🇸 #Fed Signals Higher-for-Longer Rates With Hikes Almost Finished – Bloomberghttps://t.co/31iG7LrZua pic.twitter.com/BWa0UCnMJU

— Christophe Barraud🛢🐳 (@C_Barraud) September 21, 2023

🇺🇸 #Fed | More officials see the risk to their inflation projection is to the upside and less downside risk to growth according to Chris Anstey Senior Editor at Bloomberg. pic.twitter.com/EJQS4RM0Kn

— Christophe Barraud🛢🐳 (@C_Barraud) September 20, 2023

Powell used the words “proceed carefully” six times during Wednesday’s news conference, a sign of heightened caution about lifting rates

“He didn’t sound to me like he was itching to hike again,” said Michael Feroli, chief economist at JPMorgan Chase https://t.co/ZyLt9QMSSi

— Nick Timiraos (@NickTimiraos) September 20, 2023

BoC: Worried Holding Rates Would Raise Cut Expectations – Minutes
– Didn't Discuss Cut At Sept Meeting
– Tighter Policy Should Remain Potential Option
– Current Wage Growth Inconsistent With Price Stability
– Excess Demand Seen Diminishing$USDCADhttps://t.co/m2dTgXPq3O

— LiveSquawk (@LiveSquawk) September 20, 2023

House GOP Reports Progress In Spending Talks As Some Holdouts Relent – The Hillhttps://t.co/fLHPCfDanK

— LiveSquawk (@LiveSquawk) September 21, 2023

Volodymyr Zelenskiy is meeting with Wall Street billionaires including Citadel founder Ken Griffin and Pershing Square founder Bill Ackman to discuss using private-sector funds to help rebuild Ukraine https://t.co/u7TxaMxagG

— Bloomberg (@business) September 20, 2023

#OOTT | Iran’s Oil Exports Have Soared During Quiet Diplomacy With US – @WSJhttps://t.co/B3KSBEo8rf

— LiveSquawk (@LiveSquawk) September 20, 2023

⚡China's benchmark $SHCOMP fell below the 3,100 mark, and the Shenzhen Component Index tumbled below the key 10,000 mark, to a fresh low since April 2020. $HSI -1.3%.
Over 4,000 stocks are in red, except SOEs, property developers, and oil extractors.#China #stockmarket https://t.co/UXwuN7CAIO pic.twitter.com/COiMQi88su

— CN Wire (@Sino_Market) September 21, 2023

Beijing Stock Exchange Reportedly Exploring Bring In Private Funds As Market Makers – CSJhttps://t.co/TweVuiXrfB

— LiveSquawk (@LiveSquawk) September 21, 2023

Traders On Intervention Watch As Yen Hovers Below 150 To Dollar – BBGhttps://t.co/OQEs5ZJXA3

— LiveSquawk (@LiveSquawk) September 21, 2023

New Zealand’s economy grew more than expected in the second quarter, while revisions to previous quarters showed the nation hasn’t been in a recession https://t.co/OqUuHICM65

— Bloomberg (@business) September 20, 2023

Continued weak global demand saw Taiwan-headquartered companies report a year-over-year decline in export orders for the 12th consecutive month in August, and the drop was larger than the gov't forecast of 10.2-13.9%.https://t.co/lFHpASsYxt

— Focus Taiwan (CNA English News) (@Focus_Taiwan) September 20, 2023

https://twitter.com/C_Barraud/status/1704720641742569559

⚡Chinese #property developers open up in Hong Kong. #Evergrande rises 4%, #CoutnryGarden is up 4%.
Guangzhou updated home purchase rules in 6 districts and lowered the threshold for non-resident income tax payments from 5 years to 2 years.#China #realestate https://t.co/ip1j2Y6RBl pic.twitter.com/cp6HWwQIYy

— CN Wire (@Sino_Market) September 21, 2023

China's economy is still in "recovery stage" and the nation needs to "appropriately" ramp up support to hit its 5% growth target, former central bank chief Yi Gang says https://t.co/ojXcxqycEE

— Bloomberg (@business) September 20, 2023

⚡PBOC conducted 169 billion yuan of the 7-day reverse repo and 82 billion yuan of the 14-day reverse repo on Thursday.
The net injection comes to 141 billion yuan as 65 billion yuan comes due today. https://t.co/3XEoyKeLF7

— CN Wire (@Sino_Market) September 21, 2023

Japan may intervene on yen again, BOJ should ditch easy policy – ex-financial diplomat https://t.co/J1UOJswVxd pic.twitter.com/oJ2GmooAPn

— Reuters (@Reuters) September 20, 2023

🇨🇳 #China pledges to accelerate introduction of more economic policies – Reutershttps://t.co/blWvnlQp6J

— Christophe Barraud🛢🐳 (@C_Barraud) September 21, 2023

https://twitter.com/C_Barraud/status/1704723054054556096

Chevron, Unions Near Deal To End LNG Strike, Regulator Says – BBGhttps://t.co/Ji6tlqutNs

— LiveSquawk (@LiveSquawk) September 21, 2023

CHINA-EU ECONOMIC AND TRADE DIALOGUE TO BE HELD IN BEIJING 🇨🇳🇪🇺

— CN Wire (@Sino_Market) September 21, 2023

French Business Confidence Sep: 100 (est 98; prevR 100)
– French Manufacturing Confidence Sep: 99 (est 95; prevR 97)
– French Production Outlook Indicator Sep: -6 (est -9; prev -9)
– French Own-Company Production Outlook Sep: 14 (prevR 3)

— LiveSquawk (@LiveSquawk) September 21, 2023

🇫🇷 #France | In August, the volume of manufactured goods sold fell by 2.3% compared with July (after -0.7% in July) – Bank of Francehttps://t.co/THDegHWyhd pic.twitter.com/isVUF7Bb8q

— Christophe Barraud🛢🐳 (@C_Barraud) September 21, 2023

🇩🇪 #Germany #Housing | According to Europace data, on a YoY basis, German new and existing home prices faced double-digit fall in August. pic.twitter.com/stKRH1gvkA

— Christophe Barraud🛢🐳 (@C_Barraud) September 21, 2023

UK house price growth slows the most since the pandemic after rate surge https://t.co/chgR1I0Ko1 via @tomelleryrees @irinaanghel12 pic.twitter.com/n1nhkWxPI5

— Zoe Schneeweiss (@ZSchneeweiss) September 20, 2023

🇨🇭 #SNB LEAVES POLICY RATE AT 1.75%; EST. 2.00% – BBG

🇸🇪 *SWEDEN'S #RIKSBANK RAISES POLICY RATE TO 4%; EST. 4.000%

— Christophe Barraud🛢🐳 (@C_Barraud) September 21, 2023

ECB’s de Cos says 4% rates should bring inflation back to target https://t.co/CuC5ymqRVJ via @alonsosotoj pic.twitter.com/PNPbmMgQlv

— Zoe Schneeweiss (@ZSchneeweiss) September 20, 2023

Little Chance Of Interest Rate Cut Before March And A Further Hike Is Possible, Says Central Bank’s Makhlouf- Irish Independenthttps://t.co/5StyzXmFbE

— LiveSquawk (@LiveSquawk) September 21, 2023

BOE rate hike on knife edge after inflation slowdown https://t.co/jZMnemhBtc via @LucyGJWhite @greg_ritchie pic.twitter.com/pqLlSxYCeW

— Zoe Schneeweiss (@ZSchneeweiss) September 21, 2023

UK Public Borrowing Comes In Lower Than Forecast – FThttps://t.co/lyq0HtXyeD

— LiveSquawk (@LiveSquawk) September 21, 2023

UK government borrowing undershoots, but tax cuts are still unlikely https://t.co/SO5ohIKUIe via @PhilAldrick pic.twitter.com/hB5uhziRL0

— Zoe Schneeweiss (@ZSchneeweiss) September 21, 2023

Meloni told China that Italy plans to exit Belt and Road initiative https://t.co/bV2GgU54rO pic.twitter.com/b1ba3H9i28

— Zoe Schneeweiss (@ZSchneeweiss) September 20, 2023

https://twitter.com/C_Barraud/status/1703492243443663075