Fed Changes

 Since last March, the Fed boss has been on a mission to smash inflation by jacking up interest rates.

And to prove he means business he’s sent the Fed on the most aggressive rate hike cycle in history.

This has paid off. The annual inflation rate is down from its June peak of 9.1% to 6% today. But it’s also come with some serious collateral damage…

As we’ve seen over the past couple of weeks, it’s triggered a panic in the banking system.

Higher rates have torpedoed the value of the long-term bonds banks have been holding to back deposits. This brought on the collapses of three U.S. banks. And regional bank shares are getting clobbered.