March 1st is in the books here on Wall Street. Here is the New York minute, and it's been quite a breakout. We have a grand slam, all the four most famous US stock indexes reaching new all time highs, so did the FTSE All-World stock index. That's in large part because of this, we've had supply managers surveys of manufacturing from around the world today and they suggest that the world really is growing. Add to that Donald Trump managed not to scare the children in his speech last night and that we now have a strong expectation of a rate rise by the Federal Reserve this month, and you get what we've seen. If we take a look at bank stocks, they are now almost back to their highs of a decade ago, thanks to the belief in higher rates. Meanwhile, the belief in growth means that, amazingly, homebuilding stocks in the US are back almost to the peak they reached way back in the bubble in 2006. If there's a reason for caution, take a look at 10 year bond yields for the US. They're still not back to their recent highs. Given that there is a belief that we really have reflation and a sustained tightening from the Feds, you would expect them to rise from here. That could put pressure on the stock markets. And that's the New York minute.