What a week to stop sniffing glue.
It was bedlam in the financial markets on Friday.
Here is what happened in just the morning session:
The Dow Jones Industrial Average fell below 30,000 points for the first time since November 2020.
Crude oil prices crashed more than 5% to their lowest levels since January as global recession fears annihilated the energy market.
The two-year Treasury yield topped 4.2% — and hit as much as 4.25% — for the first time in 15 years.
The recession-indicating spread between the two- and ten-year yields widened to nearly -50 basis points.
Bitcoin could end the day at around $18,000.
The British pound plunged, sending the GBP/USD currency pair to below 1.10.
Thanks, Federal Reserve.
It caused the pandemic boom, and it is now the cause of the post-pandemic crash.
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