It is undoubtedly ironic that the Fed just removed a sentence that had been in the statement since March 2023 regarding the banking system being sound and resilient only for the banking system to be the focus of the bond market rally over the past 2 days.  To be fair, bonds were already inching into stronger territory this morning, but they clearly responded to a swoon in regional bank stocks this morning, or more accurately, to the newswire coverage of that swoon.  Data has been a supporting actor, with claims helping at 8:30am and ISM hurting just a bit at 10am.

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