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

• Equity markets continued declining this week due to sharply higher benchmark interest rates and high yield spreads. European markets hit fresh lows while the U.S. and China are trading around the levels seen in June, completely reversing this summer’s relief rally.
• Oil prices tumbled as investors braced for a potentially deep recession following the Fed’s 75bp hike and Powell’s warning that he could not rule out an economic contraction.
• Options markets also showed a surge in put purchases, signaling that investors are preparing for another sell-off.
• Meanwhile, Putin called for a partial mobilization and stepped up his nuclear threat forcing thousands of young Russians into exile. The escalation triggered protests in major cities and mass imprisonments.

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