This is the exact week that markets went bidless during the pandemic in March 2020. There are eerie similarities in this global selloff. However, there is one critical difference: The pandemic was the most deflationary event in human history - a total lockdown of the global economy. Which of course has never taken place before. However this is an inflationary event. The worst thing that could happen at this point in the cycle. Which will restrain the speed and magnitude of central bank response until it's too late. You heard it here first. And last.