FED+ECB in 7 Bullet points

+++ Hawkish but Euro prey to squeeze lower. Market instability to increase as another nail in the coffin for the end of the free money, momentum-driven party +++

1. Fed Dots moved up but only because one of them moved: In March, six saw three hikes this year and six saw four; that's flipped to 7-5 in favour of four. That's all lovely, but it's all change at the Fed anyway. This was Bill Dudley's last meeting, and with his departure, the Yellen Fed is truly dead. His vote will ultimately

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