The market has spent the last two weeks pricing in the CPI and PPI data and at this point I think it’s fair to say that there has been a complete shift in sentiment and positioning. Most of my chats are now talking about a higher dollar and reasons to pay rates—a complete turnaround from where we sat pre war. The central bank rhetoric is necessarily following close behind because they look at the same stuff we do. Much of what I wrote in am/FX this week is relevant to this week’s Friday Speedrun. Portions cribbed from my daily notes this week are in a different font, starting in the next paragraph. If you are a ... (full story)