Today, we look at markets rolling over across all asset classes despite Biden’s $1.9trn stimulus plan and a dovish Fed chair Powell saying interest rates will not be hiked anytime soon unless something dramatic happens to interest rates. Markets are questioning whether large parts of the stimulus plan can get through US Congress and as result equities and yields are lower today. We also discuss the Trump administration’s blacklist of Xiaomi and earnings today from major US banks such as JPMorgan Chase and Citigroup and fading momentum in commodities and especially in crude oil as the reflation trades are pausing for now.