Macro
Fed minutes reveal a majority of officials see further rate hikes as likely if inflation remains elevated, citing geopolitical pressures from the Iran conflict as an aggravating factor. This hardens the 'higher for longer' narrative and pressures rate-sensitive equities, long-duration bonds, and growth stocks while supporting USD and short-dated yields.
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↔ PAIR-4% target+2% stop2-4 weeks, into next CPI print
Short TLT and long UUP into the next CPI print — Fed minutes confirm hawkish bias with geopolitical inflation tail, crushing long-duration bonds and supporting the dollar.