The Dow is up 300 points, accelerating in the last few minutes after US officials confirmed China's overnight comments that a phase one trade deal would include tariff rollbacks...
Buy the rumor, buy the second rumor...
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Of course, this should be common-sense - was there ever any doubt that a phase one deal would include rollbacks of tariffs? How could they have done a deal otherwise? Notably, the deal remains unsigned...
Interestingly, the odds of a trade deal are actually below Tuesday's highs...
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Source: Bloomberg
Notably, the market is now pricing less than one rate-cut by The Fed by then end of 2020...
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Source: Bloomberg
Don't forget, greed is good, and extreme greed is better...
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Source: CNN
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