Futures, Global Markets Tumble As Central Bankers Plan To Push World Into Coordinated Recession Futures, Global Markets Tumble As Central Bankers Plan To Push World Into Coordinated Recession Market sentiment has only deteriorated after Friday''s sharp post-Powell|ECB dump, and investors started the week with the bear market rally in tatters after the world’s biggest central banks huddled around a simple message in Jackson Hole this weekend: they are ready to fight runaway inflation with higher interest rates, even if it does some damage (in other words they want to crush demand, even as Biden''s debt relief plan and Inflation Reduction Plan hopes to stimulate demand). Powell quashed the idea of an early dovish Fed pivot (ensuring a much more forceful one later once all EMs fully blow up on the back of the soaring USD) and also said on Friday that the road ahead will “bring some pain to households and businesses” in the US, an “unfortunate cost of bringing down inflation” while ECB''s Isabel Schnabel said she and her colleagues had “little choice” but to continue tightening even if Europe’s economy tips into recession, which is becoming increasingly likely.