Thus far the markets have wrapped themselves in the warm blanket of the Fed’s new ‘Outcome’ based policy framework. Gone are days of ‘Outlook’ and pre-emptive policy adjustments. Monetary policy has synthesized with the societal imperatives of the new Biden Administration. If the Fed and Treasury are both ‘woke’, cosy equilibria won’t hold. Could be good, could be bad. That is a matter of perception. The case for USD being the sacrificial lamb is rising. Institutional client feedback helps fine tune next steps and what to focus on.