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Today, we look at the market rally extending higher and verging on melt-up status. On that note, interesting to see whether the Fed's "third mandate" of financial conditions, or arguably the S&P 500, will play any role in its decision on whether to hike tomorrow, with most believing the Fed is set to pause and possibly hike in July. Of course, today's CPI will weigh as well. We also talk commodities after China's surprise rate cut, including copper, corn and uranium and note the AI-hype in individual equity names bordering on the absurd as seen in yesterday's Oracle earnings report and related headlines. This an more on today's pod, which features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

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Intro and outro music by AShamaluevMusic