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JP Morgan’s global head of macro quantitative and derivative strategies says that sharp moves in stock prices and bond yields this month were not driven by recession fears and risks surrounding the economy, according to Business Insider.

The inversion of the yield curve for some bond yields sparked sell-offs and fears of economic downturn. Many believe that fears have been exaggerated and that trade war compromises would stall a recession in the coming election year.

Marko Kolanovic from JP Morgan believes that much of the selling done after investors were spooked was done from delta and gamma-hedging trading that is supposed to help investors reduce their exposure risk when there’s a sell-off. These hedge trading strategies kicked in just like they were supposed to when selling went high, but that the movement in the market by these strategies made it look like the market was moving more than it truly was.

On August 14, the stock market’s worst day of the year, around $75 billion in programmatic selling was done. Kolanovic believes that half of the outflows on this day were from delta and gamma-hedging trading.

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