Commentary 
It is a study in confoundingly sharp contrasts. On the one side, last week the U.S. Bureau of Economic Analysis (BEA) “shocked” the media, anyway, by releasing its estimate for U.S. real GDP during 2022’s first three months. Disaster. Negative. A sickly economy already showing signs of the demand destruction markets have been pricing for quite some time.
This week, it’s over on the other side of perception where the Federal Reserve takes sharp focus. Having hiked its suite of interest rate benchmarks back in March for the first time in recent years, the Fed did so again though this time at double the rate. A somewhat cautious earlier 25 basis point hike is now followed up with a fifty and only expectations for more of the latter.
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