Equity and bond markets reacted with equal ferocity to the release of the minutes of the March meeting of the Federal Open Market Committee, with stocks sliding further into the red and yields rising across the Treasury curve. Though the Federal Reserve raised its target for the federal funds rate by 25 basis points, the minutes reveal multiple policymakers would have approved a 50-point hike if not for war in Eastern Europe adding even more uncertainty. And multiple policymakers also said 50-point hikes may be necessary at future meetings. What moved markets, though, is the Fed’s plan to offload from its balance sheet up to $60 billion of Treasuries and up to $35 billion of mortgage-backed securities per month beginning as early as May. As hawkish as its recent statements make it seem, Vincent Deluard of StoneX believes the Fed’s efforts won’t quell inflationary pressures. Indeed, the greater risk now is tightening into a recession. Deluard is joined by Jeff Snider, head of global research at Alhambra Investments, to discuss inflation, the economy, and markets as well as how to hedge risk and maximize gains in a highly volatile, uncertain environment.