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High Note.

|Includes: FXI, MCHI, QQQ, SPDR S&P 500 Trust ETF (SPY), TBT, TLT, USO, UUP

And so the holiday-shortened week comes to a close and it delivered everything that could have been reasonably expected of it.

We got the supply deluge from Treasury and that was digested with varying degrees of alacrity depending on the auction and depending on which internal you wanted to zero in on. All in all, it went ok.

The Fed minutes came and went and that delivered more fireworks than some folks were probably expecting. A dovish knee-jerk gave way to the ‘real’ization (get it?) that the still-tenuous outlook for inflation doesn’t Trump the Fed’s desire to capitalize off the robust (in the post-crisis sense of the term) economic backdrop to squeeze in as many hikes as possible in order to replenish their counter-cyclical ammo ahead of the next downturn. All eyes now turn to March.

Real rates and stocks:

Any questions?

Full weekly wrap here:

https://heisenbergreport.com/2018/02/23/high-note/