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Fitch downgrade of U.S. debt strips off their AAA rating, now AA+. Growth/Spec stocks sell off, 2% 10 YR Yield and USD rally. The 10 YR yield is now at 4% before the SVB bailout. U.S. oil stocks are at the lowest in history, will eventually show up in the oil price.

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Inflation is rising again in the U.S. 10 year-breakeven rate and oil price are spiking after Biden's SPR release. Will student debt forgiveness lead to further inflation? Remember, the Fed has repeatedly bailed out Wall Street. With 8 Trillion $ on their balance sheet, reduction will lead to higher borrowing costs and the Fed will take the losses. Wall Street won't.

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