Lots of folks raising money today–plenty of fear about higher interest rates.
While the markets have a fair idea on where the Fed is going with short term interest rates there seemed to be a gap in investors thinking until the last few days–no one was talking about the quantitative tightening coming in September. Now everyone is talking about it and stirring up lots of anxiety in the ‘nervous nellies’.
My accounts are pretty darned red and I have given back 3/4% of what we had garnered the last couple of months (around 2-2.50% in gains).
Today I though that we would see a bit of a bounce in the S&P500 at some point during the day, but it is near the low of the day right now–off 2.09%. We’ll see if the last hour of trading shows a little bounce.
The 10 year treasury is up 4 basis points to 3.03%. Remember we will have lots of Fed folks shooting their mouths off in Jackson Hole this week and then on Friday we will have the release of the PCE (personal consumption expenditures price index) on Friday.
For today I am just watching, but will see if there are ‘bargains’ out there tomorrow.