This week was a wake up call to the euphoric dreams of last week and the recent rally. We believed that the rate of interest rate increases would slow and this period of tightening was near an end. We saw good inflation data and the market believed the future was bright. We saw the Russians pull out of Kherson and some believed that the war was entering a stage of moderating, maybe negotiating, maybe winding down. We believed that China was moving away from the Covid lockdowns and they'd catch up with the West in their reaction to the pandemic and allow more robust economic activity, then we got evidence that called all of this into question.
