“As a result of the Fed’s relentless tightening blitz, which on November 2 will have hiked rates by 75bps on four occasions in just 96 trading days, the fastest tightening campaign since Volcker, both US capital markets (the S&P 500 is down -24%, for the 4th worst year on record, only 1931, 1974, and 2002 were worse; and 10Y TSYs are down -17% for the worst year on record… 1987 second worse, and bonds were down -10%) and the US economy have been left reeling. However, the damage in the US – whose economy is relatively isolated from the knock-on (or is that out) effects of the soaring global reserve currency – are nothing compared to the devastation unleashed by the Fed in the form of the soaring dollar and exploding interest rates.”