While the last four months have been exceptional, we think that this cycle has been, and will be, more 'normal' than appreciated, we think that stocks and credit will be modestly higher and tighter over the next 12 months.

Andrew Sheets

Yellen's two speeches on May 27 and June 6 ahead of the June FOMC become critical in shaping that risk premium. A reiteration of the hawkish minutes will likely lead to front-end steepening and push USD [the dollar] higher.

Yellen's two speeches on May 27 and June 6 ahead of the June FOMC become critical in shaping that risk premium. A reiteration of the hawkish minutes will likely lead to front-end steepening and push USD higher.