Stocks and bonds diverged last week, as volatility kicked into high gear especially around semi-conductor stocks. Yields came in across the curve as long term inflation expectations subsided. Gold and Bitcoin lost ground, and the US Dollar continued to grind higher.

Until the end of the week, the data and earnings were saying one thing and investors were hearing another. Markets decent though till Fri.

The Fed, ECB and BoE all did exactly as predicted, but comments following press releases were decidedly hawkish. Markets puked on this.

It was a dismal week, with cash being nearly the only long asset that was worth owning. Equities, bonds, cryptos – even oil – got hammered.

It was a shaky start to 2022, with both equities and bonds getting hammered as sentiment soured and the Fed's hawkish tilt gained momentum.