Stocks fell after the Fed dashed market hopes for an impending pivot in monetary policy in the form of a pause or slower pace of rate hikes. Nasdaq was the biggest loser (-5.6%) while the Dow outperformed (-1.4%). This was the Nasdaq's worst week since January. Indeed, Tech stocks suffered as the fallout from a largely disappointing earnings season for bellwethers such as Facebook, Amazon and Microsoft continued. Wednesday’s FOMC announcement and Powell’s post-meeting press conference were the focus of the week. Stocks were little changed until the press conference took a hawkish turn. Notably, Powell stated that it is “very premature” to consider pausing rate hikes, and the S&P 500 Index finished the day down 2.50%. U.S. Treasury yields increased through most of the week, with short-term rates climbing more than yields on long-maturity bonds. The two-year U.S. Treasury note yield reached a 15-year high above 4.75% on Friday morning. In Europe, shares rose for a third week running. In the UK, the BoE increased its benchmark interest rate by 0.75 percentage point to 3%, the highest level since 2008, to contain inflation. China’s stock markets rallied (+5.3%) amid speculation that the country was preparing to relax its zero-tolerance approach to the coronavirus. Stocks in Brazil returned about 3.4% after Lula won the Presidential election. The dollar was volatile but ended the week unchanged. Cryptos soared with bitcoin reclaiming $21k.