Markets still pricing two rate cuts despite Warsh appointment; real rates in US are almost zero with inflation around 3%.

Strategically, dollar debasement trade probably sticks; tactically, fade the near-term dollar rally.

Real action will be more rate volatility and uncertainty about the path of rates.

AI is short-term inflationary because of resource consumption, long-term productivity enhancing.

Breakdown in correlation within Mega-cap tech; move from AI spenders to AI beneficiaries.