Powell invokes Volcker, but has audacity to ease relative to expectations.

Slide deck: https://bit.ly/3LNyWzM   - Today we look at the first dovish surprise (relative to expectations) from the Powell Fed in many months and the sharp short squeeze it inspired as we wonder if this is a mere kneejerk that will fade within days or if market sentiment could stabilize for a bit longer. Certainly, financial conditions and rising energy prices are tightening the noose on the global economy despite Powell's pussyfooting around. We also take a look at crude oil and natural gas, copper, supply chain concerns in China, BMW's outlook, Shopify and other earnings reports on the radar, FX and the Bank of England today and more. Today's pod features Peter Garnry on equities, Ole Hansen on  commodities and John J. Hardy hosting and on FX. Intro and outro music by AShamaluevMusic