Typically, when we look at the Fed's balance sheet, we detail its assets: Treasury securities, MBS, repurchase agreements (repos), swaps, SPVs, etc. Under the new quantitative tightening (QT) regime, total assets are down $139 billion from the peak as of their balance sheet released on September 1.

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The uncertainty of wars is that you know when they start. But not when they end. If a week ago a quick surrender of Kyiv was expecting, today it is considered that the conflict will be a long. President Putin himself confirmed to his counterpart Macron, in a telephone conversation on Thursday, that "the worst is yet to come" after the failure of his blitzkrieg operation he is ready for anything, as evidenced by the seizure of the Zaporiya nuclear power plant, the largest in Ukraine.

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To make the most of the recovery and favor job creation, the Fed, the ECB, and the BoE maintained the expansionary tone of their monetary policies

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The threat of the new South African variant of the coronavirus which the WHO has dubbed Omicron, and its potential partial vaccine resistance - which is still under study - is a 180-degree turn for the market.

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