It's getting ugly in the equity pre-market with S&P 500 futures down 40 points or 1.1%.
emini futures
The bond market isn't pretty with US 2-year yields up 17 bps to 4.73% with 10s up 15 bps to 4.21%.
With the deterioration in the risk tone, the US dollar is bid as well. Given the Fed highlighting a higher terminal rate, the US dollar may be set for another leg higher.
The terminal rate in Fed funds is up to 5.18% now, a full quarter point above where it was yesterday.
