The JPY is the strongest and the AUD is the weakest as the NA session begins

The flight into safety is in full bloom today as the JPY and USD soars/moves higher, the AUD, NZD and EUR are tumbling lower.

Stocks are lower in the US and joined by European equity's today. Yields in the US and Europe are sharply lower. The US 10 year moved up to 3.203% on Monday and is down to 2.83% currently. The S&P and Nasdaq NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term are working on the 5th down day in 6 and working on the 6th straight week decline. The Dow is on it's 7th week in a row lower. Bitcoin continues its move to the downside with the digital currency trading with a $25000 handle before bouncing back up (now with a $28K handle). Tether lost pegged to the US dollar trading below the parity level as some investors exit the digital currency space. Oil is lower but remains above $100. PPI and jobless claims highlight the data a day after higher than expected CPI yesterday. Fed's Bullard said late yesterday he would like to see the Fed move to 3.5% by the end of the year via a series of 50 BP hikes. The current high target is 1%. There are 5 more meetings in 2022. The 3.5% rate implies he is in for 50 BPS at each of the meetings this year. A 75 BP hike is not his base case.

A look at the other markets are showing.

• Spot gold is trading down $9.52 or -0.51% at $1842.65
• Spot silver is down $0.64 or -2.99% the $20.90. That is at the lowest level since July 2020.
• Crude oil is trading down -$1.56 at $103.80
• The price bitcoin is trading at $28,034 after trading as low as is $25,401 (at least on my chart).

In the premarket for US stocks, the futures Futures Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as Read this Term are implying lower levels for the 5 day down in at 6:

• Dow industrial average -200 points after yesterdays -326.63 point decline
• S&P index is down -33 points after yesterdays -65.85 point decline
• NASDAQ index is down -156 points after yesterdays -373.44 point decline

The European equity markets:

• German DAX -2.34%
• France's CAC -2.5%
• UK's FTSE 100 -2.2%
• Spain's Ibex -1.9%
• Italy's FTSE MIB -1.8%

In the US debt market, yields are lower after yesterdays up and down day

• 2 year 2.575%, -5.3 basis points. The high yield reached 2.67%
• 5 year 2.802%, -7.5 basis points. The high yield reached 2.899%
• 10 year 2.833%, -8.0 basis points. The high yield today reached 2.91%
• 30 year 2.985% -5.7 basis points. The high yield reached 3.056%

In the European debt market, the benchmark 10 year yields are also sharply lower (and near lows) with double-digit declines across the board, and well off the highs for the day. .