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have reached peak rates and now we asked going to start cutting. they became very aggressive in expectations. today's meeting minutes basically tell us the fed was not looking at it it that dovishly. relative to market expectations, we are looking at a relatively hawkish fed. investors are walking some of that back. investors are also holding their breath as fed officials prepare to hold their first meeting this year in about three weeks. already there are worries about inflation running higher again. that is because developments in the red sea may add pressure to inflation. attacks on ships by iran—backed houthi rebels in the yemen crucial waterway has forced a growing list of companies to temporarily redraw their shipping routes. including maersk and furniture giant ikea. the much longer route around the cape hope in south africa has also delayed goods and pushed up freight rates. and adding to that cost is the higher prices