Morning traders, apparently Biden and Powell meet today privately to discuss inflation, only more hawkishness can come out of this meeting, Biden will put pressure on Powell to get (even more) serious on inflation, in other words, we could be near the peak of the recent bear market rally in stocks, a few FED hawkish comments over the next few days can shift sentiment back to "risk off" quickly, will keep you updated on what comes out of the meeting Elsewhere, the EU has agreed on a partial OIL ban against Russia, so far it's just partial and nothing remarkable but that's putting a bid on OIL prices which consequentially make JPY longs a little trickier due to the negative correlation between OIL and JPY, nonetheless the GBP shorts part of the trade still makes perfect sense, and the JPY long may also return to make sense if we see stocks rolling lower again soon