While inflation is proving stubborn and sticky on most parameters, the premature "dovish" pivot by the world's largest central bank in December last year has resulted in a relentless rally in risk assets, leading to a historic easing of financial conditions.

On a lighter note, to give you an idea of where we have reached:

Nevertheless, the dual mandate of the Federal Reserve will be a headache as "maximum employment" will be contested by the data that implies the labour market is poised for gradual weakening.