Is The 'Most Aggressive Hiking-Cycle In 40 Years' About To Bite The VIX

"Just when you thought it was safe to get back in the [market]," Deutsche Bank's Jim Reid drops some veteran market-watcher wisdom, with a nod to the most important contradiction in markets right now.

Namely that current conditions are as sanguine as they could be, but with history suggesting its still early in terms of the lag of monetary policy.

Indeed, this week saw the VIX hit a post-pandemic low, and last night the S&P 500 hit an all-time high in total return terms after the Fed folded like broken beach-chair in its inflation-fight.