Powell Lagarde roller coaster

The market can continue to stew in Friday's CPI report all day long with no events or speeches on the US economic calendar.

The mood right now is deeply dark with S&P 500 futures down 2.1% and crypto down far more. Bitcoin is down 12% today and ethereum is down 26% since Saturday.

In FX, the yen is finally reaffirming itself as the safe haven of choice but the moves are orderly so far.

Fed funds futures show a 25% of a 75 basis point hike on Wednesday.