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Powell is keeping his guns under the table but in this game of chicken the Powell put is as important as the Trump put and the Xi put. Markets have been delusional that Powell put strike price is above Trump’s put strike price. It is NOT! Also delusional that Trump will concede a 90 days “truce” . That will never happen and even some significant negotiations’ de-escalation by Trump (Trump put being exercised) requires a much bigger market meltdown as Trump 2.0 cares much less about the stock market than Trump 1.0! So this 3-way game of chicken 🐔 🐔 🐔 continues for much longer as Trump , Powell and Xi are each waiting for the other two to blink first!