Why is the growth happening right now?

Because:
- The dollar supply has already started to pressure the system,
- Yields are taking a pause but not solving the debt problem,
- The Fed still cannot afford to be "tightly restrictive for long."

In this context, geopolitics is not a trigger but a convenient backdrop:
It allows for explanations of printing, justifications for stimuli, and temporarily hiding inflationary pressures.

The market understands this.
That's why it’s buying not headlines, but time.