A few very telling HEADLINES:
*POWELL: TAPERING ENDING AROUND MID-2022 MAY BE APPROPRIATE
*POWELL: IN MY THINKING THE TEST `IS ALL BUT MET’
In a very subtle way, as it is always the case with Powell, he is laying the ground work for tapering. This will not be an easy task, it will be CHOPPY and the market will have phases, but the EVERYTHING RALLY now seems to have an end game.
There will be flow that goes through, both ways. I feel we have a less-murky landscape to look for set-ups. I favor the USD going forward and will attempt to pick spots to buy it.
USDCHF works well for now. We will look for more.