Today's price action was driven by Pelosi (and China's lack of starting WW3) and hawkish FedSpeak, jawboning back the market's perception that we are past 'peak tightening'... returning to 'forward guidance'. SF Fed's Mary Daly jawboned the doves back by stating that The Fed is "nowhere near done" on fighting inflation, adding that "we have made a good start, and I feel really pleased with where we’ve gotten to by this point," but inflation is "far too high." “It really would be premature to unwind all of that and say the job is done,” she said. “I also think that we’ve been with this high inflation for a while, ... (full story)