Interest Rate Decision
A scheduled policy announcement that can reprice money across bonds, currencies, and risk assets at once.
These events are liquidity events first and narratives second. Spreads widen, correlations snap to one, and the first headline is often incomplete. SCUTA’s default for new students is a planned posture — often flat — rather than a race.
On the desk
A hold that the market priced as a cut can move everything that had been a ‘carry’ or ‘duration’ expression. That is a book problem, not a single-chart problem.