And while the dollar rose less against emerging market currencies than against Europe and Japan, the thrashing was particularly brutal.  Many emerging economies – like Sri Lanka, Zambia, Pakistan, Argentina, Turkey, and others – that borrow in dollars, are now on the hook to repay those loans using their local currencies of diminishing relative value.

Perhaps the worst of the dollar's rapid rise is over.  We don't know.  But over the last month the dollar has rolled over from the 20-year high attained on the dollar index.

Specifically, the dollar index is up over 10 percent year-to-date.  Over the last 30-days, however, it has fallen more than 3 percent.

After slipping below 96 cents in September, the euro has risen to nearly $1.04.  The British pound has also bounced from its September all-time low.  The Japanese yen has slightly rebounded from a brutal skid to a 32-year low against the dollar.

Has the Fed contained inflation?  Can it now slow the pace of interest rate hikes and then pivot sometime in 2023?  Is the U.S. economy faltering?

Currency markets appear to think so.  The common refrain is that the Fed will hike the federal funds rate by 50-basis points in December (not 75), that inflation has peaked, and that a new round of monetary easing is beginning to show on the horizon.