FAST FIVE: Rabo: One Man Is Responsible For The Market Reaching Its Impossible Dream… And It's Not Powell
It doesn't mean nothing will get done – but it means nothing like what some people were recently thinking was going to get done now will.
It's all fiscal and political-economy, which seems a dream too far at the moment.
One *hopes* this is all quixotic: markets certainly believe that to be the case, and so continue to rally on the new meme of –a lack of– windmills.
Indeed, let's not worry: German Chancellor Merkel spoke to President Putin yesterday and apparently told him she wanted to see immediate de-escalation-or else she might not sell Russia any German cars; or buy Russian vaccine; or complete Nord-Stream 2 and tie the German economy into Russian gas supplies.
Isn't realpolitik a German word originally.