• The failure of the SVB has kept appreciation of the Fed’s peripheral funds from rising further
• Inflation exploded on us at the end of 2021 because inflation was screaming
• We need to get core inflation down, it’s been a side but rents are lagging behind
• What we’re hearing in the data isn’t actually supply chain problems, it’s demand
• The US dollar as a reserve currency and basis for trade is a voluntary arrangement
• I don’t think there is a serious threat to the US dollar, the euro didn’t even come close