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In our view, tariffs are more a "tax" and therefore not inflationary. Powell giving "glimpses" of dovish turn in testimony to Congress.

VIDEO: To us, we view tariffs as a "tax" even if the companies bear it, not consumers.  And taxes are not inflationary, counter to Fed view.  We discuss this in detail in today's video.

Please click below to view our Macro Minute (duration: 4:46).

Equities gained a further 1% Tuesday to 6,059, bringing S&P 500 to close to the all-time highs (6,118). The events of the past two days (US bombing = Iran truce, Powell at Congress) were...

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