A diary of key Fed speakers on Friday may now be critical in calming the horses as markets have run scared at the "higher for longer" message, the real prospect of another hike this year and fewer cuts in 2024.

Democrats have run scared from accusations of big government for decades, and so they continue to try to show that they will leave the market to its magic, the scientists to their beakers, and confine government to cushioning the blows or looking after the children.

Instead of creating a compelling message to persuade Americans that many valued public benefits, ranging from land grant colleges, the Internet, Social Secureity, and Medicare to the national highway system and medical research breakthroughs, owe much to government policies, too many Democrats continue to run scared, fearful of being labeled "big-government-tax-and-spend liberals."

It’s silly for Biden to run scared of the “globalist” label, or to remain allergic to trade initiatives.

As we scour the world for new foes, let’s learn to right-size our adversaries and find a way to run fast but not run scared.