And perhaps more to the point, globalization has changed the way these domino effects will hit the rest of the world. But вЂ“ that episode had a significantly lower debt-to-GDP ratio in the U.S. Sure, some comparisons can be drawn to the stagflation environment of the late 70вЂ™s. I canвЂ™t entirely dismiss this premise because weвЂ™re in rather unchartered ground here. This pretty much flies in the face of conventional wisdom but, given how far behind the Fed is on inflation maybe there is something to that? ThereвЂ™s some that are saying a 75 basis point hike today would be better for stocks as it would signal a Fed thatвЂ™s ready to get more serious with inflation. But, as rumors of a 75 basis point hike have trickled in, matters have seemed to calm. This all took place while the Fed was in a blackout-period, meaning the members of the Committee were supposed to abstain from making public comments regarding monetary policy.Д«ut, given the turmoil that showed after last FridayвЂ™s CPI report, perhaps someone at the Fed felt that a message needed to get out ahead of that rate decision?ДЄfter CPI came in at yet another fresh 40-year-high, equity markets took another large leg-lower to finish last week and then another to start this week.

The bank was widely-expected to hike by 50 basis points at todayвЂ™s meeting as we came into this week but, interestingly, odds for a 75 basis point move today have heated up after a Monday article in the Wall Street Journal. ItвЂ™s a big day for global markets as we get the June rate decision from the FOMC.

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