The S&P 500 is at the lows of the day, down 40 points, or 1%, to 3818. It was steady until about 40 minutes ago when a fresh round of selling kicked off. The FX market is beginning to take notice while bonds hold steady.
I suspect we're seeing angst around tomorrow's US CPI report but it's turned into one of those risks that's so well-flagged that any number close to the consensus estimate could tee up a rebound in risk assets.
