The US and Singapore Stock Exchanges went down again after Jerome Powell asserted that the rate hikes are not over yet. Powell said “inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go.” What else can Powell say in the circumstances as it is? If Powell were to state that rate hikes are over and markets get too excited, then inflation may spin out of control again. The only way out is to maintain the hawkish tone to keep everyone from partying. 

The Russian Ukraine war took an interesting turn with a dramatic plot twist of a rebellion by Putin's closest ally- the Wagner millitant group. Wagner boss Yevgeny Prigozhin claimed his forces were in control of military sites in Rostov that were used for staging Russian war efforts in Ukraine. Rostov also