Back to square one on geopolitics. Fed expectations recede.

Today's slide deck: https://bit.ly/3BskEAc   - Today we look at Fed expectations ratcheting lower still despite a very strong January US Retail Sales report and a non-dovish set of FOMC minutes, an indication that the market felt it had taken Fed expectations too high recently (also making it easier now for the Fed to surprise again on the hawkish side). We look at the need for the Fed to steepen the yield curve and the difficulty it may find in doing so, the impressive run back higher in gold and the next levels to focus on there, UK yields and the next steps from the Bank of England and more. Today's pod features Althea Spinozzi on fixed income, with John J. Hardy on FX and hosting. Intro and outro music by AShamaluevMusic