This week has kicked off with a violent counter-trend reversal in the big themes from last month, quarter, and the year to date. Major global indices have rallied 5-7% off the weekend lows, the US dollar has dropped nearly 500 pips from last week’s peak against most of its major rivals, and even gold has rallied over 100 points. After smaller-than-expected interest rate hikes from the RBA and Bank of Poland, as well as the UN imploring central banks to slow the interest rate hikes, the fundamental narrative is that we may be on the brink of a potential Fed “pivot” to slower interest rate increases. There’s only one ... (full story)