Check Please
Let your complaints about problems move you to solutions. – Jon Gordon
The market is asking us to believe a lot of things right now.
We’re printing our first trillionaire.
We’re IPO’ing companies with a total addressable market of space and time.
Semiconductors are making new all-time highs.
AI is becoming a religion.
And now TIME Magazine has arrived to put “The AI Frontier” on the cover.
You know how this movie usually ends.
Because while everyone is staring at the next AI miracle, something much more important happened this week:
The Federal Reserve started talking about inflation again. And the market heard every word.
Warsh Changed the Conversation: The new Fed Chairman made price stability the priority. Markets immediately translated that into higher rates, a stronger dollar, and tighter financial conditions.
Rates Broke Higher: The US 2-Year Treasury ripped to new highs as traders repriced the path of monetary policy.
The Yield Curve Flattened Fast: The 2s/10s spread compressed sharply as the bond market adjusted to a more hawkish tone from the Fed.
The Dollar Broke Out: A stronger dollar became one of the most important developments of the week, creating pressure across commodities and global risk assets.
Still Defying Gravity: Technology surged to another all-time high as investors continued chasing AI and momentum despite higher rates.
AI Mania Remains Intact: Momentum, AI, and growth strategies continue attracting capital even as macro conditions become less supportive.
Natural Resources Hit a Speed Bump: Energy and commodity-linked sectors pulled back as oil dropped and the dollar strengthened.
Oil Tested Major Support: WTI completed the pullback that has been anticipated for weeks, reaching the mid-$70s and approaching important technical levels.
Volatility Refuses to Show Up: Despite major moves in rates, currencies, and commodities, the VIX remains remarkably subdued.
View Matrix
