Stay calm. Buy pullbacks.

I see no deceleration in the flows and it's important to stick with that.

Monetary policy is inconsequential. It's merely price setting and redistribution of income, as is inflation, as is deflation.

The income does not fly out into outer space.

Think of a swimming pool: the water level stays the same, it's just that the water is swirled around a bit. That's what monetary policy is.

However, fiscal is what raises the water level or drains the pool.

No drainage right now. Maybe next year but right now no drainage.

Stay calm. Buy pullbacks.