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Expected Fed "Put" Less Than 9% Away On The S&P

EQUITIES

BofA's May Global Fund Manager survey showed expectations the Fed "put" (ie the Federal Reserve would step in to relieve market pressure) is seen coming in at 3,529 on the S&P. With equities heading lower again, that level is only 8.6% from here on a futures basis. Though that is 26% from the peak, well into bear market territory.


S&P Emini 1st Future Source: BBG, MNI Annotation

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