$NVDA results good enough. FOMC minutes hawkish bias if inflation persists. Equities show impressive resilience

Equities are essentially flat for the week, a sign of impressive resilience considering oil is still near multi-decade highs and interest rates are at 1-year highs. To us, this reflects investors embracing the current strong fundamentals fueled by AI spending, the US's relative energy surplus (in the face of high oil), relatively low consumer debt and general positive US economic momentum.

The April FOMC minutes were released today and the overall sense is the FOMC shifts to a hawkish bias...

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