Fears are mounting that the US Federal Reserve is over-tightening interest rates, a policy mistake that could cause a deep recession or a major market breakdown.
Stock bulls are still hoping for a reprieve, seizing on every slip in economic data to bet on a "pivot" in the Fed's policy. But strategists say the bulls have miscalculated the Fed's single-mindedness and the limited room to manoeuvre.
Most agree, however, that something has got to give. If the Fed refuses to pivot, economic and financial stability outlooks soon will - and for the worse.
"The Fed is locked in to fighting inflation and, until we see the Fed funds rate be above inflation, I think you should expect more hawkishness from...