The yield on the 10-year U.S. Treasury note spiked and equity indexes sagged Thursday, as St. Louis Federal Reserve President James Bullard said the Federal Reserve still has a lot of work to do before it brings inflation under control. That follows San Francisco Fed President Mary Daly’s remark on Wednesday that a pause in rate hikes was “off the table.” Meanwhile, the United Nations has brokered a deal that will get Ukrainian grain transiting the Black Sea safely, easing pressure on global food prices, and China’s COVID policy remains as opaque as ever. Andreas Steno Larsen welcomes Tony Greer, the founder of TG Macro and the editor of the Morning Navigator newsletter, to interpret recent Fedspeak and to talk about what’s happening in commodities markets. We also hear from Juliette Declercq about how the Federal Reserve can navigate a soft landing and why she’s focused on U.S. equities. Watch the full conversation between Juliette Declercq and Raoul Pal here: https://rvtv.io/3AoHkSt. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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