Good morning from London.

So, we got another nice pullback for bond yields off of last week’s panic highs. The US 10-year yield down -22 basis points in less than a week after the US Dollar failed to reclaim TREND support.

I’ve been looking for a dovish Fed since the March 18th meeting, so I’ll reiterate what they should do (see 3 Charts - Don't Hike) given the slowing data – USD agrees.

So, if the Fed opts for one rate hike “just because it’s time” … then I think stock, bond, and commodity market risks ramp.

INSTANT INSIGHT: If the Fed Opts for One Rate Hike… - z ben ryan

Editor's Note: This comes from research written by Hedgeye CEO Keith McCullough earlier this morning. If you're serious about stepping up your market game we encourage you to take a look at our offerings.