Summary

• For a week that delivered a hawkish regime change at the Fed and the largest options expiration in history, the tape held up remarkably well.
• Stocks ripped on Monday after the US and Iran announced a deal to end hostilities, with the S&P jumping 1.65% and the Nasdaq surging by more than 3%.
• The S&P 500 closed the holiday-shortened week at 7,500.58, up 0.93%. That is a number that looks almost dull until you trace the path that produced it.
• Nine of eighteen officials now pencil in at least one hike this year, and six of them see two.

Market Brief – Kevin Warsh Jolts A Resilient Tape

For a week that delivered a hawkish regime change at the Fed and the largest options expiration in history, the tape held up remarkably well. All four