THIS WEEK IN MARKETS When US Fed Chairman Jerome Powell warned at the Jackson Hole meeting last month that the Fed’s plan to bring down inflation would cause some ‘pain’, very few could imagine the extent of the damage. And pain was what we saw in the global financial markets in the past week. Following the Fed’s announced 0.75 percentage point rate hike and projection that interest rates will be higher for longer, stocks and bonds sold off sharply. The only asset that investors tried to grab hold of was the US Dollar, but this came at the expense of many other currencies. Closer to home, the surge in interest rates also led DBS and UOB to temporarily remove their fixed rate home loans. Where do we go from here? Technically, the charts do not look good for the major US indices. The NASDAQ Index and Dow Jones Industrials Average...