re: Fed Pivot Coming? See this tweet from Charlie Gasparino

The problem in Britain was the drop in Bond values. The plunge was so sharp, the pension funds began getting margin calls, and those pension funds ( which have much of their assets tied up in ILLIQUID investments like real estate and private equity) were forced to sell off their liquid assets (equities) at a loss .... panicking the markets. The UK govt stepped in and reversed course. They went from an "all-in" QT environment ....to an unlimited QE environment ...overnight

.... a massive shock to the markets. Printing presses subsequently go Brrrrrr .... and the global impact and the shock waves are still reverberating.

What it really says it that global inflation is going to be a lot higher and be around a lot longer than what economists have been previously projecting, and that includes the US.

A similar Bond event is not unlikely for China or the US ... but the impact will be much greater I suspect. Something that bears close observation ....

Interesting tidbit .... Winn Resorts (casino gambling) reported a 91% decline in revenues from Chinese gambling operations ... -91%. What do you suppose that says about the state of the Chinese economy ? .... and what that means for the global economy? .... Pain.