Here's what I see with Fed action ahead and why I'm not so worried about stagflation -- unless we really mess things up.
Markets in Asia moved lower but it was far from the bloodbath on Wall Street, with Asian currencies the main indicator of economic weakness.
Where will all of this money go now?
Expect the Fed to continue sharply raising interest rates as the August CPI inflation reading was higher than expected.
Although Japanese central bankers say they are watching the currency, they show no sign of intervention -- probably because intervention is unlikely to work.
These companies are shielded from the euro's sharp drop against the U.S. dollar as they have no locations in Europe.
It wasn't that long ago the masses assumed being short the dollar was the 'easy' trade.
Let's look at the euro, dollar and yuan and see what a Fed pivot could do to the buck.
And it's not just the euro that investors need to watch, as the Japanese yen and British pound also lose ground to the greenback.
Sellers went into Friday with huge six-to eight-week profits, and came out of Monday with cash in hand.