Morning Note | May 5, 2022

Good Morning! Futures are lower after the Fed induced a strong market rally yesterday.  The 10-yr is back up near 2.98%.  Oil is nearing $110.  Investors now must digest the ramifications of 2x more 50bps hikes, slightly weaker QT, and a Fed that seemingly is returning to the data-driven approach.  The market narrative may have shifted to peak hawkishne…