Despite the sharp acceleration of inflation over the last nine months, the Fed has still been cautious not to use the balance sheet reduction aggressively and they have only announced a calibrated start to winding it down at a moderate pace on June.

1. Please discuss the reasons for that measured approach?

2) A Treasury yield curve inversion is sometimes viewed as a precursor/predictor of an economic downturn/recession. Where does this view come from? Please explain the rationale for it and whether you agree?

3) What factors can make bonds and equities move in tandem for a certain period?