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

• When even the Swiss are raising rates, the situation must be serious - after the SNB had been in the dovish camp for years, not surprisingly, the decision to hike rates by 50bp sent shockwaves through markets
• The Fed underpinned its commitment to prioritize the fight against inflation, hiking by 75bp, while the BoE increased rates by 25bp as expected, giving in to worries about the fragile state of the U.K. economy.
• U.S. and European equity markets have dropped sharply as concerns about a hard landing are mounting.
• China fared slightly better again but still closed in the red despite surprisingly robust Industrial Production.
• Credit spreads and volatility surged while gold came under pressure. Moreover, as economic sentiment worsens, crude fell by over 10 USD, hitting energy stocks and the value factor.
• Cryptocurrencies were another victim of the sell-off in risk assets, with Bitcoin losing more than 20%.

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