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Editor's Note: The chart and brief excerpt below are from today's Early Look written by Hedgeye U.S. Macro Analyst Christian Drake. Click here if you'd like to learn more about the Early Look and begin your mornings ahead of consensus.

CHART OF THE DAY: The "Smirnoff Trade" (Dovish, Kinda Hawkish...Growth Slowing, But Mostly..." - z CoD Smirnoff Trade

...You know Janet?  Heavy set, thin lady … dovish, kinda hawkish … super conventional, mostly ZIRP-y …  hyper Bullish, but also a pretty Bearish ... (dehydrated, but super healthy)

 

Ahh …. the life of a central planner charged with equivocating in all messaging while simultaneously smoothing volatility by providing the market with absolute certainty.   

 

(If you’ve never seen the Smirnoff ad above, check it out, it’s good)