Afternoon Note
After a whirlwind of action and high anxiety, the market is relatively calm today, but you can still feel the tension.
Looks like Powell has regained the narrative, but each day economic data and market action could shift the sands beneath his feet.
That's not happening today, as bond yields are stable, but crude is surging higher after a 7.6-million-barrel drawdown that took the nation's oil supply to a one year low.
Growth continues to gain its leadership back, and while heavy hitters are trading at all-time highs, it's those new names in the digital economy that are roaring back to life.
Meanwhile, consumer discretionary just keeps marching higher as the ultimate reopening trade is backed by a flushed consumer ready to spend.
I think we could be like this until Friday morning when we get consumer income and spending numbers as well as Powell's favorite inflation indicator PCE.
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