Good Tuesday PM,

I am a bit late so will keep it short today with some wise words from Dan Rawitch.

Bonds are showing continued strength. Today the Small Business Optimism index was released, and it was hammered. We continue to see signs of a troubled economy. The Fed will have to choose between a very hard landing and inflation. I believe we will see him slowly pull back on his hawkish behavior. This will have to play out for a while longer, though. Tomorrow is CPI, and I urge you to be very careful floating. If we get any negative surprises on the numbers, rates could get much worse.

Please remain safe and healthy, make today great!