Wooosh...Total chaos across markets as Putin's escalating global war rhetoric and Powell's nuclear bomb drop of 'higher for longer' rates smashed into extreme positioning, negative gamma, and low liquidity. Before we get to the main event, we note that during the Congressional hearings this morning, JPMorgan CEO offered a reality check for policy-makers and pollyannas: "...there's a small chance of a soft landing, and then there's also a chance there's a mild recession. There’s a chance it could be much worse given the war in Ukraine and all the other global political uncertainties. He says everyone should ... (full story)