What market optimism misses

What market optimism misses

Good morning. It’s Katie Martin. Exciting times: Rob is on sabbatical this month. It is one of the best perks of working at the FT, better even than the famous weekly cake trolley (available in the London office only).

While he is away, I am one of the people invited to help out. I’m tempted to use this opportunity to fangirl over the glorious Lionesses or trash some of Rob’s most dearly held beliefs on his own lovingly curated platform, for example by extolling the virtues of Birkenstocks. He hates them, and he’s wrong. This is a hill I will die on.

I will see you again next week. In the meantime, say hi at [email protected], or complain about stuff to [email protected].

Markets’ mixed stories

No one knows what on earth is going on. Or at the very least, market participants are demonstrating extraordinarily high levels of intelligence by holding two opposed ideas in their mind at the same time. Let’s say it is the latter.

This observation, from Adam Cole, a currencies analyst at RBC, is amazing and sums up the point rather well. The chart tells you that, yes, investors think the Fed will keep on jacking up interest rates from here (see