Since the Fed’s speech at Jackson Hole over six weeks ago, financial markets have succumbed to relentless selling. We must look back in the history books to find worse records of performance.

How did we get here? Simply put, Covid.

Unprecedented non-war time global fiscal and monetary stimulus was applied to stave off a pandemic induced depression. It worked. Global growth rebounded in 2021 and continues to expand however it has been funded by massive public debt making any further fiscal profligacy a problem.