US inflation euphoria
There was a little euphoria overnight is stock markets when US inflation statistics were released. Headline CPI (which includes the petrol price) didn't rise month-on-month. The markets concluded that this reduces the risk that the Fed will raise rates again.
However, *core* CPI is still rising. The Fed is unlikely to stop upping rates until annualised core inflation is back at its 2% target, which is most probably several months away. And this sustained rate rise is likely to tip the USA into recession.