Hello and welcome to the Real Vision Daily briefing. It's Wednesday, January 5th, 2022. I'm

Maggie Lake and here with me today is Darius Dale of 42 macro. Hi there, Darius.

Aggie, what's up? Happy New Year. How are you?

Same to you. I didn't say happy New Year, but it doesn't feel that way today. It doesn't.

I mean, we were just sort of watching these markets fall apart right before we came

on air and there is a lot on pack. The prospect of a more aggressive federal reserve, really

hitting markets late in the day in the minutes from their December meeting, FOMC committee

members discussed reducing the balance sheet shortly after raising rates, whether they

should do that or not as a way to ease back support for the economy. And boy, the markets

did not like the sound of that. And you rightly pointed out like when's the last time Fed

minutes, FOMC minutes move the market like this. It's been a long time, but that kind of

gives you a sense of what's happening. So just to wrap it up for those who may be out

and away from their computer listening to this, stocks, US stocks lower across the board,

they're still settling, but the selling accelerated into the clothes, which is something that

you don't really want to see happen. The Dow down almost 400 points, 1%, S&P down almost

2% NASDAQ taking the brunt of it again with technology down 3% and a third percent, the

VIX down, the VIX up rather 18, the rustle down 3% and you saw it in bond yields as well,

the 10 year up to 1.7. And those FOMC minutes, by the way, came on the heels of a hot ADP

number, which was swamped by that news, but private payrolls rose just over 800,000 in

December. That was double expectations. So all of this really pointing to a different

environment, it will come to the Fed. What would you make of it all, Darius?

Well, yeah, you know that hashtag new year, new you. I think we got a new year new Fed,

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