Fed Chairman Jay Powell shocked the market yesterday when he implied that the final rate that the Fed hikes to will be higher than the market was thinking. At the same time, he said that they might slow down the rate of increases.This shocked the market because they believed that the Fed would be finished tightening by March of next year at about 5%. Now they are thinking much higher, perhaps even to 6%.The market actually believes that inflation will start to come down pretty quickly by March 2023 but take a year or so to decline to the Fed’s target of 2%.But Jay is right and the market is wrong, from one perspective.There are several problems: Inflation may come down next year but very little The recession will cause governments to boost transfer payment keeping inflation high The Fed Fu

What is Black Sea Deal and how will it affect all of us? Some fact to know: • Russia and Ukraine account for about a third of the world’s wheat exports • 19% of the world’s fertilizer exports • 15% of the world’s corn exports Meat production and consumption are key in Asia and for many Asian countries, grains such as wheat, corn, and soybeans are needed for animal feed to produce beef, pork, poultry as well as fish. And fertilizer for crops production. Over the weekend, the Russian foreign ministry said it “can no longer guarantee the safety of civilian dry cargo ships participating in the Black Sea Grain Initiative and will suspend its implementation from today for an indefinite period.” “Consumers throughout Asia-Pacific should expect to pay more for basic foodstuffs and also for meat.”