We don’t find inflation a headwind; in fact, it’s a tailwind from many perspectives, signaling an increase in demand and economic activity in the later innings of the pandemic.Upon a marathon of votes Thursday night and into Friday morning, Democrats in the Senate have pieced together Biden’s plan through the budget reconciliation process. The news began lifting risk assets late Thursday and those tailwinds carried into the weekend. The better jobs picture, at least through the data, sets the economy and the new Biden administration on a collision course when it comes to fiscal stimulus. Despite the massive beat, a gloomier market backdrop could’ve zeroed in on founder and CEO Jeff Bezos stepping down and marked it as a negative. Instead, the stock is up more than 2%, breaking out of a technical wedge.U.S. benchmarks steadied the ship yesterday and continued their rebound overnight; all 4 were up nearly 1% ahead of the opening bell.We can’t ignore the dash-for-trash, stick-it-to-Wall-Street short squeezes. We do believe the dislodging of many corners of the market last week aided waves of selling or liquidation, but we also think the market was left wanting more on the stimulus front.The flood gates opened through yesterday’s Federal Reserve policy meeting and U.S. benchmarks closed sharply lower. The committee left policy unchanged, but the risk landscape has been on shaky footing due to ongoing fiscal policy delays in Washington. In recent days and weeks, we’ve pointed to froth, extended valuations, and complacency as reasons equity markets could correct 5-10% over any given 2- to 3-day span without being a surprise. Will the Fed intentionally come off as less dovish than expected today?Yesterday’s whipsaw held a strong level of technical support in the S&P at 3790.50. Frothy conditions can create air pockets driven by news, technical selling, or both, and yesterday was exactly that.The U.S. jobs picture has certainly deteriorated in recent months and many questions overshadow both the U.S. and Eurozone recovery. This morning, German Ifo Business Climate and Expectations data all fell short of estimates