Slightly hawkish JPow although really not much change in the wait and see mode we’ve heard repeatedly The Fed however is not the game right now We’re seeing more of a Biden fiscal dominance redux with the Fed running deficits north of 6% Short term growth will remain resilient and inflation sticky and keep pushing back Fed cuts whilst we’re pumping fiscal Meanwhile, with the Treasury doubling the frequency of treasury buybacks, financial repression and pseudo YCC control is the game Global liquidity is pumping hard too alongside global fiscal and rising M2 Dollar looks like it’s possibly bottomed (although still of the view that it has been managed lower as part of the trade negotiations in which case it could be manipulated lower some more) If dollar has bottomed, then the lag to risk is circa 3 months so either way we’ve got 3 months to still pump before a more meaningful correction Meantime, it’s month end, bad for liquidity and makes for noisy trading Nothing has changed today BTFD