Our Weekly Snapshot

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Global equities recorded a second week of heavy losses after the Fed revealed that they expected official short-term interest rates to continue going sharply higher over the next several months.
The Fed hiked U.S interest rates by 0.75%.
Federal Reserve officials gave their clearest signal yet that they’re willing to tolerate a recession as the necessary trade-off for regaining control of inflation. Policy makers, criticized for being too late to realize the scale of the US inflation problem, are moving aggressively to catch up.
Eurozone consumer sentiment fell to a new low in September which doesn’t augur well for spending. Meanwhile German producer price inflation surged to 46%yoy reflecting energy pressures which will help keep the ECB hawkish.
The two-year U.S. Treasury note yield rose above 4.10% — its highest level since October 2007 — and the 10-year U.S. Treasury note yield jumped briefly to 3.77%—its highest mark since November 2008.
Equity ETFs had $20B+ of inflows last week, 3rd highest total this year. That doesn’t feel like
capitulation… sentiment is bearish but flows are not.
The SPDR Oil stocks ETF ($XLE) plunged by almost 7%, its second biggest drop since May 9.
The UK’s biggest tax cuts Since 1972 trigger a crash in bonds & the British Pound