The last ‘calm’ day before GDP and PCE saw bond yields uncomfortably quiet (“too f**king quiet” as one rates vol trader MSG’d us), and more squeeziness in stocks (S&P above 50DMA and Nasdaq soaring) ahead of the month-/quarter-end flow-show.
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Big banks took a small hit late in the day on a headline that FDIC is “mulling squeezing the big banks to plug its $32 billion hole” but shrugged that off pretty quickly to end a strong day…
Regional banks opened exuberantly once again and were sold off once again at the cash open, back into the red. They stabilized then dropped on FDIC headlines only to recover and end modestly green…
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