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US: While there were no mentions for changes to the FOMC’s forward guidance in either Powell’s speech last week or statement released by the Fed, risk-on continues with US equities trading at record highs mainly driven by the momentum in the mega-cap growth stocks. With Apple's (AAPL) market cap trading at nearly USD 2.3tr, the company is now bigger than the entire market cap of the Russell 2000. Interestingly, price volatility (VIX) has been significantly elevated in recent days as the S&P 500 keeps reaching new highs; figure 1 (left frame)