On Valentine's Day, the European Central Bank tweeted a poem to underscore its commitment to fighting inflation.

The ECB tweet is also indicative of the tight monetary policy undertaken by most major central banks. Only two central banks, the BoJ and the PBoC, are meaningful suppliers of global liquidity. The rest are raising interest rates and engaged in quantitative tightening. While the Fed may be on the verge of a pause, last week's hot PPI report and slightly stronger than expected CPI print has raised doubts about a dovish pivot.

Inflation is becoming a threat again.

The full post can be found here.