"Market sentiment has only deteriorated after Friday's sharp
post-Powell/ECB dump, and 
investors started the week with the bear
market rally in tatters after the world’s biggest central banks huddled
around a simple message in Jackson Hole this weekend: they are ready to
fight runaway inflation with higher interest rates, even if it does some damage.
Powell quashed
the idea of an early dovish Fed pivot (ensuring a much more forceful
one later once all EMs fully blow up on the back of the soaring USD) and
also said on Friday that the road ahead will “bring some pain to
households and businesses” in the US, an “unfortunate cost of bringing
down inflation” while ECB's Isabel Schnabel said she and her colleagues
had “little choice” but to continue tightening even if Europe’s economy
tips into recession." ZeroHedge
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