Inflation hits the purchasing power of the middle class and the poor the most. It's a regressive tax. No wonder the Federal Reserve holds the line for now. Interest rate increases hit the stock market, thus the wealthy and upper middle class, harder. Social justice is being served? Meanwhile, an earnings recession may be well on the way via deflation, which hits profits. What's interesting is that growth/long-duration stocks have been hit hard by the rates-driven (first-stage) bear, but the second wave of selling may not impact them nearly as much. The reason why seems simple enough: growth/long-duration stocks currently have no earnings. Future profits have already been rerated (for the most part). They may thus start to bottom... There is a logic to this. They were hit...

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