“How much more cautious can the market get?"

...more technical (less fundamental)-driven collapse in everything that was seemingly going to the moon without hesitation.

"This is not an environment for de-risking"

“The market wants to see the implementation to price in the worst"

...can Jensen save stocks & crypto from stagflation?

"The reality is, we need a good set of numbers from Nvidia to keep this bull track in place in the US"

...we have gone from 'All-Time Highs' to 'Extreme Fear' in five days...

...liquidity is getting a bit thin... Growth scare pushes tech back at DeepSeek lows.

"We’ve seen a lot of inflation fears, but now markets are shifting focus back to the potential growth effects"

...just as the narrative shifts about the 'strong' economy.

A quiet end to a turbulent week.

"Thursday's cross-asset price action was difficult to discern... If we have to guess, this is portfolio unwinding/liquidation."

"We saw a shift in the tone of the US on how they are going to approach the Russia-Ukraine environment"

Various participants noted it may be appropriate to consider pausing or slowing balance sheet runoff until resolution of debt ceiling dynamics.

"The situation might get bumpy as both events are going to be more complicated than what the market thinks."

...and debt-ceiling issues are starting to show up again in the T-Bill curve

"The prospect of the war in Ukraine coming to an end is very positive"

"We’re going to have to see European countries spend more on defense"

...'too cold' growth, 'too hot' inflation, 'just right' tariff & peace possibilities.

“The volume of news stories on tariffs has risen as you would expect, but the impact of those stories on the dollar is declining”