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Fed Call

May 06 2022

The Case Of The Missing “Puts”

  • May 6, 2022

In the last few months, we’ve warned that Wall Street’s favorite security—the Federal Reserve Put—has been at least temporarily replaced by a novel derivative with a less favorable risk/reward profile: the short Fed call.

Feb 05 2022

“Collared” By The Fed?

  • Feb 5, 2022

In late January, the S&P 500 was down so much (almost 10%!) that it revived talk of investors’ favorite “safe” security. No, not T-bills—and not even Amazon or Apple common stock—but the Fed “put.” Years ago, we called it the “hypothetical” Fed put. But by now, we’re believers.