U.S. stock markets had a bit of a panic attack overnight, I think that's the best way to describe it. 

Investors have been selling off, especially in tech stocks. 

The U.S. job data that came out on Friday seems to have freaked the horses. Losses are being clawed back slightly this morning, but everyone is on edge. 

Why? Well, it's the largest economy in the world. It affects us all, and it feels like we're all sort of teetering on the edge of an economic cliff at the moment. We're all at the mercy of our central banks and their rate cut decisions. 

Will they cut? Won't they cut? 

In this case you've got no cut last week from the Federal Reserve in the U.S. and you've got some bad data and oh, America's going to recession. 

If our Reserve Bank doesn't cut soon, then we'll probably have the same issues here. 

Bank of England, the European Central Bank, they have cut. 

Here's the thing I was thinking about this morning: we've got a mortgage at my house. We're going to refix, so, when the cuts happen I'm not going to be running out and splurging on the credit card. There'll be no new TV or couch at my house, there'll be no new car in the driveway, and I won't be going to fancy restaurants all the time.  

I won't be going to the clubs and making it rain cash, just because the rates have cut. 

This cost of living crisis, coupled with the technical recession that we went through, it's got me feeling a little sensible. I'm thinking more about saving, I'm thinking more about strategic investing. 

You never know when the next Government or Reserve Bank splurge might fuel the next big thing. You know, the lockdowns, then the loose purse strings, the prolonged high interest rates. 

So you got to be prepared for stuff. 

What does that mean for retailers who are falling over to their knees all around us? 

I think, sadly, things won't suddenly bounce back once Adrian Orr blows his whistle, it'll be a long hard slog yet.