Inflation must be tamed, no matter the collateral damage. Interest rates are headed higher, unemployment will rise, and growth will slow. Jerome Powell: "We must keep at it until the job is done."
Most likely in September SPX will test June`s low.
As I noted in May, the only way to get inflation under control is for the Fed to pop the asset bubbles (especially equities and housing) it has fueled for the last decade with numbing QE and printing. The only way to do that is through volatility. Crypto and other risk assets are the victims, so no bailouts. Crash a majority of 401Ks and the workforce will expand as all the retail, Robinhood, and meme stock day traders have to get real jobs again. Near-term retirees go back into the workforce. Zoltan Pozsar's influence on the Fed's current thinking cannot be overstated.
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@Quant-Wizard, thanks for sharing your opinion. i appreciate it!