Inflation slows down somewhat from month to month.

Picture 1.

But the financial system has a large reserve of money that is in current accounts.

Picture 2.

This is the result and continuation of the Covid story.

Thus, the risks of inflation remain.

The FRB is trying to reduce its contribution to government obligations, but this is happening too slowly.

Picture 3.

For the US stock market, a reduction in the balance sheet and an increase in the interest rate are not good news.

This gives perspective to the market down.