 We're gonna jump over to our man, Teddy Kegstad. Folks, you can check out Teddy's work. Every Monday he puts out an issue of the Tiger Forex Report. You can check it out under the newsletter tab at TFNN. He puts out updates when warranted. He covers all the major currency pairs. He's also covering notes and bonds in there, okay? And so much of what's going on right now. Crude oil, notes and bonds, yield, currencies. You saw the action yesterday, man. Boy, we got some action as we gear up for a Fed Day today. Teddy Kegstad, good morning. Good morning, Tommy. Boy, well, let's see, if you wanna dive in, what did you think of the action yesterday? First of all, on some of the currencies, some of the yields, the market gave it all back, Teddy. I talked about a little bit in the beginning of the program that the currencies and the notes and bonds did not, however, give back that entire move. So they are kind of trading still on that CPI number. But what did you think of the general market reaction yesterday as we come into a Fed Day today, man? Well, I think it was overdone by the media for one. I mean, I hear all those inflation beings is slowing down, whatever. It's just the pace of inflation that's slowing down. It's not as radical as it was a year ago, but anyone who thinks inflation is slowing, is gone away, is out of their minds, you know? I mean, you just have to go to the store for that, you know? I mean, like, that's just not the case, you know? So I think if you look at it, I mean, we had a sell signal in the interest rate market last week, you know? And it got taken out by just a little bit yesterday. And then the yields came back, you know? So I think you're gonna be flat going into the number. And I find it hard to believe that the market already has priced in the low in the bonds and the notes from a couple months ago that accounts this rate hike this month. Yet alone, we still have another, probably a half a point to go sometime between the next one to two meetings next year. So I don't see how right now this pullback in yields is gonna maintain itself, you know? Now, there's another differential that we have to consider is when it comes to Powell. You know, people say like, you know, is it gonna, you know, we talked about this already back in the spring that by the time we get to 2023, they're not gonna be raising three quarters of point, half a point at a time. They're gonna have to pull back because otherwise we're gonna have 1980s mortgages before the 2023 is out, you know, as far as pricing, you know, so that's not gonna happen. But if the other central banks around the world continue to start to raise rates, the question is, is the Fed going to do that in tandem to keep their position? You know what I mean? So, because otherwise we start to lose everything they try to do by raising rates in the first place, you know? So I think that's something we have to listen to the speak. So I would expect that, yeah, that the Fed is gonna start to retreat in how hawkish they are. But I think if the ECB, you know, and the BOE, and especially, you know, some of the other central banks continue to raise, especially if they're hawkish at a half a point or a three quarter rate, it's doubtful that the Fed is just gonna stop raising rates, you know, so I mean, and it's not about protecting the dollar, it's about protecting what they've done over the past six months, especially, you know? It's some great points, man. And it's, I've learned so much just talking to you in terms of how they're all related. And it is interesting how we got so far ahead of everybody else where our Federal Reserve hiking interest rates, you saw so much dollar strength. And yeah, now the Euro's coming to the party. What do we have? Do we have an ECB meeting going on this week as well with 50 basis points? Is that what's going on? Well, the question is, is what are they gonna do? You know, I mean, you gotta remember with ECB has been this quantitative easing thing for so long, they're reversing gears and that goes against the total narrative, you know? I think that right now, if anything, they're doing more of it as a concurrency protectionist strategy than they are because they wanted to fight inflation. You know, and here's the other thing too, is that we have this problem that let's say the Fed stops raising rates. Let's just say that they come out and say, oh, we're done, we've got inflation under control. Well, what happens to the dollar? All of a sudden the dollar's gonna crash, which means that we're gonna have inflation just because all the cost of the goods from our imports are gonna go skyrocketing. You know, so we're not gonna be saving off inflation by them just stopping raising rates. They have to keep this edge against the rest of the world saying, you know, look out, at any point, we may just raise a half a point or three quarters again, you know? So, and that's a question is what Powell's gonna do. You know, the transparency with this Fed to some degree has been very good. You know, I do like them in some respects, but then in other respects, they've been very non-transparent, you know? So, I mean, we'll have to see what he does, what the speak is after the meeting, but we're in a tricky situation where if you're gonna go with the talking heads and their mainstream media, well, then you're looking at everything that they've done for the past six months are roting within two quarters to three quarters. You know? Yeah, and I was just gonna say in the dollar, man, it's pretty remarkable the dollar when you talk about the give back as to, we are almost at prices in the dollar, really, that we were trading at in April, which is mind-blowing when you think about where we are right now with the Fed, right? As in the Fed is, the Fed basically, yeah, we might get 50 today, folks, but they're on the 75 path right now. They're on a consecutive, what, four consecutive 75 paths, and we have the dollar index back to where it was in April. So sometimes it gets a little ahead of that time, but boy, man, there's so much up in the air. And then we have the oil and gold equation that's gonna come into play also, because, and also the yuan, if you look at the Chinese yuan and the Hong Kong dollar in the past two months, how the dollar is lost against that current, those two currencies, especially, you can see that how this whole Chinese one for oil deal with Iran, and also some other things are actually, they were already planning this a couple months ago. The news finally came out for what they're doing. This is an attack on the dollar. So if the Fed does just not, I mean, they're not gonna get dovish, but if they stop raising interest rates, well, the other central banks are raising interest rates, and if oil starts to trading gold for Russia, and then also if Iran has the deal, I mean, these are things that those currencies, all of a sudden, the value of the dollar could just get destroyed. So, I mean, and that's not a good thing. Then we're looking at the euro back up at like 125, 130, the pound back up at 150, the yen back down at like 105 and think, because the yen, the interest rate differential won't matter with the yen anymore, because if the Japanese continue to buy their oil from Russia and trade with these other countries, which why wouldn't they? I mean, the sanctions on the Ukraine are destroying Europe, and now they're gonna start to have some really bad impacts on us too in the US dollar. So we're in a very touchy situation. So, and I would be very real about that. You get the gold bugs out there a little excited, Teddy, with the way you're talking about the yen, I think, because boy, those are some big prices, man. Do you have any take on what, and I know you're not really a hardcore gold trader, but do you look at the gold market, what you'd see there, because boy, if you get the dollar yen driving that type of action, right? I mean, those currencies, sorry? Especially for long-term cycles, because if you look at the ebb and flow, you have the gold market that goes like this, the interest rate markets like this, and the equity markets. So those three things go in it, not in tandem, but you have to watch the waves of when the trends really change because they absolutely do influence each other. And if you have gold and oil, remember, oil is a function of certain currency pricing. Gold is a function of currency pricing. I mean, when they take on certain positions, I always tell people, depending on what market you're trading, you may be trading one market, but you're synthetically trading another one. There's a lot of trades that you're synthetically trading gold, or if you're buying gold in certain currencies, you're trading currencies, you know what I mean? So, I mean, these things are all interrelated, and I think we're gonna see some very big moves in those markets, or God forbid, we do. What happens if oil starts to really surge, gold surges? Well, I appreciate the education. I've learned so much just talking to you, Teddy, about those relationships, gold, crude, currencies, man. I appreciate it, Teddy. We'll talk to you next week, man. Sounds good. Okay, man, have a great one. I hope you check out the Tiger Forex Report. You heard it right there. We'll be right back to finish up the program.