The bounce in risk assets late on Wednesday was only a respite as fear continues to roil markets. In what’s turning into The Great Shakeout.
Fed speakers today include Plosser/Lockhart/Kocherlakota/Bullard/George but it’s tough to envision what they could say to calm markets.
We’re well off the lows but S&P 500 futures are down 15 points to 1831. US 10-year yields are at 2.06% after falling as low as 1.97%.
The big change from yesterday in the FX market is that it’s more of a classic-risk off trade, especially in the commodity currencies.
