NASDAQ falls close to 10%, as it begins to enter a bear market. Oil is bid over $90 as governments globally have run out of options on inflation. Central Banks will return to their tightening bias end of 2023.

There will be a mad scramble by Central Banks to retain a tightening bias, as oil is now bid above $90 per barrel.  To which inflation is already embedded into the global economy, rates essentially should be above 6% by now.  Governments have run out of options, despite heavily intervening into the energy markets, more so with Natural Gas and the Russian oil caps, which for the most part were a token sanction on Russia, as Russian oil and gas is still pumping into parts of Western Europe (U.K. being the main culprit).  Which have yet to wean off Putin's stranglehold on Germany, France and U.K. former dependency for Russian Nat gas/oil.  All and all, a very good example why price capping does not work, it only leads to distortions in the energy markets and increase production costs, thus energy inflation is going up, not down.  So, it's now up to Central Banks to bring down inflation.

And I agree with this guy, that the global economy is not prepared for rates to be over 7%.

Above Chart shows NASDAQ futures which are down nearly 10%, closing in on its 14246 price support (red horizontal line).  Returning its June 2023 bear market.