A whole bunch of bad data, much of it focused on deterioration in the US labor market (pre-July payrolls). That unleashed huge swings in rates markets and forward rates. One reason for all this is the historical pattern is perfectly clear. What we're seeing right now happens EVERY TIME. No exceptions.
Eurodollar University's Money & Macro Analysis
FOMC Monetary Policy Statement
https://www.federalreserve.gov/newsevents/pressreleases/monetary20240731a.htm
Federal Reserve Chair Powell Press Conference July 31
https://www.youtube.com/watch?v=hb1eHcqGpY0
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU
What is Eurodollar University?
Jeff Snider will guide you through the realm of monetary science. Multiple episodes uploaded each week, discussing big news and key current events, the state of markets and what they are telling you, as well as historical summaries and deep background material so that you can understand what’s really going on in this eurodollar’s world.