Good morning contrarians! Fed chair Powell did his best to spook markets yesterday. It even worked for a bit, but now it looks like stocks have resumed their ascent. If you’re keeping score at home it’s been a little more than seven months since Powell last claimed inflation would be transitory…

It’s a pretty slow day today: Couple of Fed speakers. Earnings from Carnival Cruise Lines ($CCL) and later Adobe ($ADBE). What war in Ukraine?

By the way, those Nike ($NKE) earnings we mentioned yesterday? The Barron’s contrarian indicator came through again as Nike topped estimates and the stock rallied by more than 5%.

Full briefing and podcast available here: