Last week was all about a repricing of expectations of Fed action around QT in 2022 and its’ impact across asset classes. A few of the moves to contextualize the repricing and transmission to equities (all 1 week moves): 10y real yields moved +33bps with nominals making up +25bps of that move, Unprofitable tech companies sold off -12%, and value outperformed growth by 9%. Gold sold off -1.8%. Within the bullishness on growth, Omicron risks being faded, and increased geopolitical tensions oil rose +5%. Dollar was unchanged.