The current week is very important, with the Federal Reserve meeting on Wednesday to decide on a 50-bps hike in interest rates. This could be the main factor that could drive the market in the coming days and weeks. The focus will be on finding out to what extent the Fed will maintain its aggressive tone. The 50-bps hike can almost be taken for granted. However, one question is whether the Fed will announce a drastic reduction of its balance sheet with direct bond sales and what Powell's speech will be at the press conference after the meeting. Economic growth will inevitably be reduced by China's supply problems, as stated by those responsible for ISM, and by the uncertainty about the future development of the war in Ukraine. The other question is whether the Federal Reserve is going to take these circumstances into account for its monetary policy decision by taking its foot off the accelerator or it will proceed with the aggressive rate hikes that the market has already anticipated, even at the cost of causing a deep slowdown and even a recession.