This episode is brought to you by Shopify.

That's what I hear when I make another sale on Shopify.

The all-in-one commerce platform that allows you to start, run and grow your business.

Shopify is revolutionising millions of businesses worldwide.

So sign up for a £1 per month trial period at Shopify.co.uk

Flash podcast 23 all lowercase and take your business to the next level today.

Our bonds flashing a warning sign. Hi everyone. Welcome to the Real Vision Daily Briefing.

Gordon Johnson from GLJ research joins us today. Hi Gordon.

Hey, thanks for having me. I appreciate coming on.

Yeah, thanks for being here. And once again, a lot to talk about kicking off a new week.

And we saw big moves in bond yields a 10 year, the US 10 year yield climbing above 3.9% highest level.

I think since 2010, we saw big moves in currencies, the pound, the British pound hitting a record low against the dollar,

but the dollar really marching higher against almost everything.

Once again, what do you make of this market action that we're seeing?

So I think it's important to remember in 2020, right, when COVID hit, we were looking at a black hole.

Nobody knew what was going to happen. And what the Fed effectively did in two months time, right?

So if you look over the first 100 years of the Fed, their balance sheet grew by roughly $995 billion.

In two months, they grew their balance sheet by $3 trillion at the onset of COVID.

So they did 300 years of essentially money printing in two months, which was unprecedented.

But what's most important is six months after the onset of COVID, retail sales had basically trended back.

They had regained back above trend, which is a key indicator that the Fed should have stopped.

In fact, six months after the onset of COVID, we were 15% above trend.

...