The whole idea went out the drain

In an interview with Reuters regarding inflation and interest rates, UBS strategist Rohan Khanna said the following:

UBS strategist Rohan Khanna said hawkish ECB communication alongside the inflation print “have completely shattered this idea that the Fed may not deliver 75 bps or that other central banks will move in a gradual pace”.

“The whole idea went out the drain…”that’s when you get turbo-charged flattening of yield curves. It is just a realisation that peak inflation in the U.S. is not behind us, and unless we are told so, maybe peak hawkishness from the Fed is also not behind us,” Khanna added.

This is a congruent conflation of “down the drain” and “out the window”, both referring to something disregarded or gone. A tip of the hat to Steve Hubbard for spotting this one and sending it in.