POPA ReconFor several months, no one was talking about a rate hike — the discussion was entirely about when the Fed would cut.
For several months, no one was talking about a rate hike — the discussion was entirely about when the Fed would cut. Then Citadel Securities published a note saying they expected a surprise hike. The WSJ called the decision one of the most unpredictable in history, even though just a week earlier almost no one was seriously considering a rate increase. The market sold off sharply on the back of these comments, pushing Leopold toward liquidation. Then the Fed held rates steady, which should have rescued both Leopold and the market — and initially it did. The market bounced. But about an hou…
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