Federal Reserve speakers have echoed the content of the FOMC minutes since those were published. Communication has been understandably cautious on the inflation outlook considering the recent higher-than-expected CPI, particularly stressing the risks of cutting too early or too fast. Risk-sensitive assets would normally suffer from an easing pushback, but the narrative in equity markets is strictly one of tech-driven outperformance after very strong results from Nvidia. One argument that we think makes sense at this stage is that once the Nvidia effect has faded, equity markets are left with increasingly stretched ... (full story)