For over a year, the dominant narrative across financial media and institutional desks was consistent: a Fed hiking cycle of this magnitude would break the system. Equities would capitulate. Credit markets would fracture. Risk assets would unwind violently.

Instead, we witnessed the opposite.

While volatility indicators surged and fear permeated headlines, price remained stubborn — and in many cases, outright bullish. As I’ve tracked this process in real-time, it’s become increasingly clear: the repricing happened — just not in the spot market.

Let’s break down the mechanics of what actually unfolded.