Morning Note | January 19, 2023 | New JP Morgan Corp Bond at 5.0%, 2-Years of Call Protection

Good Morning!

Futures are strongly lower as the market is part of a global risk-off tone and back to thinking the Fed will overtighten.  Yields are lower again after tumbling yesterday with the 10-yr down below 3.4%.  MegaCaps and Metals/Miners are the biggest laggards. Yesterday, the SPX had its worst day since Dec 15, failing to hold the 200dma. The ma…