The eye of a hurricane is a deceivingly perilous place. Those lucky enough to enter it unscathed may enjoy a well-deserved respite, but the blue skies and calm winds also create a false sense of security and encourage complacency. Some people may even be convinced that the storm has passed. The truth, however, is that the eye offers only a brief intermission, and the worst is yet to come. The US Federal Reserve raised the federal funds rate by 75 basis points on 27 July 2022. Many investors had feared a more aggressive 100-basis-point increase, so the relief was palpable. The very next day, the Bureau of Economic ... (full story)