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

• Warnings of the economic fallouts from China’s Zero Covid policy have become louder again as Shanghai is going through the third week of a drastic lockdown that increasingly upsets its population.
• The ECB continues to weigh upside risks to inflation and the implications of the war in Ukraine for economic growth and stability in very dovish comments that sent the EUR lower on Thursday.
• New U.S. inflation data surprised slightly on the upside, reaching 8.5% y/y. St. Louis FED’s James Bullard urged for more decisive steps, calling the idea that modest rate hikes could tame inflation a “fantasy”.
• Major equity markets and cryptocurrencies ended the week lower while gold and oil rebounded and credit spreads widened. In Europe, stocks edged higher again towards the end of the week. On the back of rising oil prices, Cyclicals and Value outperformed in the U.S. and Europe alike.

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