Morning traders, once again the highlight from yesterday is a further reduction in gas supplies to Europe, no need to overcomplicate it, it's enough of a reason for the EUR to keep underperforming Else, the FOMC takes the spotlight, 75bps rate hike will be but it's fully priced in already, the focus is not on the rate decision but it's all on Powell's words at the press conference, do they see a recession on the horizon? Are they remotely worried about the slowdown? Do they see inflation coming down faster giver the recent developments? The answers to these questions will tell us what the FED wants to do next, the more confident Powell will sound about the economy the more bearish that will be for stocks because that means the FED will keep hiking aggressively into a meaningful growth slowdown What do we expect? we expect confident hawkish remarks from Powell which should trigger some risk off with stocks downside and USD strength but keeping an open mind