Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.

Quick recap

• As expected, the FED increased interest rates by 50bp this week, but Powell cautioned that a 75bp was not on his agenda. As a result, Treasury yields surged while the USD remained broadly unchanged.
• The hike was initially greeted with a strong rebound in U.S. equities, but the mood for risk assets soured the next day when the NASDAQ dropped by 5%.
• Despite the widely discussed extreme market moves on Wednesday and Thursday, the S&P 500 ended the week almost flat, and VIX implied volatility declined.
• The real fallout was in international equities and credit as European, and Emerging Market indices retraced further while credit spreads widened.
• OPEC’s reluctance to meaningfully increase production pushed crude higher again, making energy stocks the week’s winners.

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