Another Chaotic Week for Banks Marks the End of an Era for the Global Economy

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“Pax Volckeriana” is over, with the pressure of higher rates and inflation showing up — and squeezing out — weaker points in the financial system. How far will it spread and what can the Fed do?

The financial world feels as though it’s just turned upside down, and in many ways it has. As the week ends, let’s take you through a blow-by-blow account of what has hit us, and then look at how we got here and where we’re going next.