The only argument is how much stag and how much flation. Time for central bank prestidigitation to explain this is all under control. US stocks were mainly up despite two of the biggest names down big due to wearing rose-tinted headsets and cancel culture – as the White House Press Secretary helpfully piled in. Time for market prestidigitation to ramp things up.

In geopolitics, El Pais released documents purporting to show the US has offered to allow Russia access to NATO bases in Europe to verify there are no cruise missiles present, the threat of which has been one of the ostensible reasons for current Russian action. Yet President Putin reiterated to the UK that NATO is "unwilling" to address Russia's concerns.