$FAS Softens on Conference Weight, but Catalysts Loom

FAS took a beating on Tuesday during the Barclay's bank conference as players revealed all the nasty writedowns on the way.

But the BofA survey of large fund managers also hit the wires, showing that the most concrete outlook is an expectation of a steepening yield curve once a vaccine is around, which directly translates into rapid growth in bank net margins. Look for dips here to be reversed on squeezes as we push toward an inevitable vaccine.