“Earnings don't move the overall market; it's the Fed, focus on the central banks, and focus on the movement of liquidity, most people are looking for earnings, it’s liquidity that moves markets.”
- Stanley Druckenmiller
Liquidity... that's what matters, according to both Stan Druckenmiller and Goldman Sachs macro trader Paolo Schiavone.
Schiavone points out in a brief note to clients this morning that the surprise to many yesterday was that the FOMC slowed the pace of balance sheet runoff one meeting sooner than we expected due to concerns related to the debt limit.
