(…) Given tomorrow‘s CPI that‘s likely to come in better than the markets fear it would (i.e. in support of the inflation has peaked thesis), the room for disappointment in inflation trades is there, and the hopes that the Fed might not get as aggressive on a better CPI figure, wouldn‘t balance that out in my view. Q2 2022 hedge fund letters, conferences and more The dollar would react with a decline to any dialing back of tightening expectations. Greater pressure would still come from the balance sheet reduction that I‘m looking for to run for longer than the Fed stops hiking rates. What‘s ke…