Aunty Janet refrained from Yellen in her statement last week so the Fed rate rise went thru without carnage and the US 10 year actually hardened up a bit (in from 2.52% to 2.41% as I write). The Fed minutes will be interesting as all the data is now inflationary yet there is still one dove left alive in the FOMC and it will be interesting to see where they – and particularly the dove Kashkari – see how this will translate to the rate hikes.

(One headline is a nice summary: we conclude that the FOMC hiking cycle may now be earlier, but not necessarily faster). Fiscal policy is now more important than it has been since the GFC began and the Fed appear to be acknowledging that, but not being driven by it. I think that’s a positive. & the Fed is not the only game in town with both the BoJ and the ECB becoming more significant as nascent signs of strength begin to appear in both Japan and Europe.

Fascinating, for those fascinated by such goings on.

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