Feb Opex is tomorrow, the one year anniversary from when markets woke up to the risks that Covid19 posed.

The weeks leading up to this were very interesting, where the magnitude, breadth and depth of disruption from C19 would illicit a strong CB response. https://twitter.com/MattGarrett3/status/1227276994217414656

There was also the "risk" that the virus fizzled out (in contrast to signals we got from China) and Fed came in early and forcefully.

This is why rates were the "free hedge" as I described in he weeks prior to the market selling off. https://twitter.com/MattGarrett3/status/1227296943182942209?s=20

Once risk started selling off and volatility shot up you could see rates start to price cuts but not nearly fast enough, that was a disconnect. https://twitter.com/MattGarrett3/status/1234472226222723074?s=20