Takeaways:

• Volatility continued in the markets in anticipation of the upcoming Fed commentary on Jan. 26. The Fed can make this easy for investors on Wednesday by removing the uncertainty around timing and slope of upcoming rate increases. All in, we believe the market forms a bottom over the next one to three months.

• Crypto has been in even greater free-fall than the greater markets YTD. While volatility will undoubtedly continue, we believe crypto is here to stay.

• Netherlands Regulatory Commission issued a small fine to Apple related to needling payment changes within the App Store. The 5M€ fine, which is material, is dwarfed by the strength of Apple’s free cash flow.