Speculations on aggressive Fed tightening intensified sharply last week after a chorus of hawkish comments from policy markets. Markets are indeed pricing in near 70% chance of federal funds rate at 1.50-1.75% by the end of first half, i.e., 125bps above current level. Stocks tumbled sharply towards the end, with DOW suffering the worst day since 2020 on Friday. In the currency markets, Dollar ended broadly higher as the best performer, as supported by both Fed expectations and risk aversion. Euro was the second strongest after some ECB members talked up the chance of a July rate hike. Commodity Aussie and Kiwi ended as the biggest losers. Yen consolidated in tight range while European majors and Loonie were mixed. | 