In the US market, small caps gaining, majority of S&P gaining, but big tech names having momentum knocked out. Rotation from US into rest of the world with strong Asian outperformance.

Fed independence defense gathering around Powell's comments. Bostic talking about strength in economy - rosy picture in US. Market priced for two cuts this year, doesn't need to change view now. Will depend on what Trump does with new Fed chair and whether new chair can convince them lower rates is way to go, needing more benign inflation.

Dollar seen surprise rebound at start of year on broad basis. Against Asian currencies particularly salient - yen pushing towards 160, Korean won similar until US intervention comments put break on it.

Bessent saying if you need to intervene to stop rock, that's okay with me - green light from US. For yen, not quite at intervention markers but getting closer. For Korean won, already seen rhetoric ratcheting up, now with US tacit approval might hear more saber rattling.

If see big reversal in currency market, would put more caution into stocks. Japanese/Korean markets have good reasons for optimism - tech story, government efforts on corporate governance. Still momentum behind companies but FX turbulence might cause breather.