 Good morning to CMC Espresso. It's pretty quiet in the market in the past days Even if the US dollar on Friday rose to its highest level since mid-March, the currency market volatility has reached its lowest level since December 2014. Financial markets have remained calm ahead of many potential market moving news in the coming weeks But there were no real news coming out of the last two big events That was one of them was the G7 summit in Japan Financial leaders from big industrial countries see the upcoming Brexit vote as a big financial risk potentially So do fund managers surveyed by Reuters last week Japan Japan's government at the G7 summit complained about the weak economic state of the world Economy and all countries were in favor of more growth in the world economy and less Terrorism so nothing really surprising there on Friday Fed President Janet Yellen gave an unsurprisingly Horkish speech at the Harvard University and has noted that interest rates could be hiked in the coming months Which she considers as an appropriate move and that has pushed the value of the dollar Higher and the value of gold lower, but there was no real volatility for stocks in the last two days of the last trading week Nor is there any volatility this morning in the Asian stock markets are in a firmly in the green So the S&P 500 index Even closed at the days high on Friday and should continue to go higher if futures hold their pre-market gain So maybe this potentially upcoming second rate hike has also lost some of its horror for the markets And it might be that the many crash profits out there are epically wrong this time Maybe this is because the U.S. economy is strong enough to face a second rate hike And maybe the emerging markets this time are more prepared to take a stronger dollar and maybe all prices are Stable enough this time because Iran has almost returned to its pre-sanction production levels and after Iran there won't be any supply Shocks for the market coming and maybe banks are looking forward to a rate hike by the Fed the key gorge for Bank profitability is the net interest margin This tracks the difference between how much a bank pays for money versus how much it gets paid for lending it This metric peaked in the mid 90s and has trended down ever since with bank profitability Near all-time lows the only way to jump-start a recovery in the banking system at least on a nominal basis is by raising Rates according to some experts San Francisco Federal Reserve Bank President John Williams Recently said that he believes short-term rates will be Between three and three one quarter percent within two years That would be concurrent with at least ten more rate hikes of 25 basis points each Would that could in the end mean a significantly stronger dollar and another drop in the price of gold