U.S. equities are rallying hard: the S&P 500 +1.06% at 7,748, the Nasdaq +1.40% at 26,584, the Dow +1.18% at 53,686. The VIX sits at 14.4 (-5.5% today), inside its normal range.

The 10-year Treasury yield is easing at 4.76% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.0 (-0.6%). Elsewhere: gold up 3.7% at $4,527/oz; WTI crude up 0.7% at $91.65/bbl; Bitcoin at $81,537 (+5.5%).

Among big names, COIN leads gainers at +10.14%, while AVGO lags at -2.74%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.