It would make sense for a big sell off to take place when more countries are tightening, but I believe that all central banks are starting this process. And while the everything bubble might be a cliche, the stats don't lie. simply look at the P/E ratio of 147 in the Russell 2000! Look at how just the slightest raise of 0.4% in the US 10-year has effected markets. Like I said in this post, Jay Powell could choose to kick the can down the road, but the credit bubble with deflate eventually.