USD strength, precious metal weakness, long-bond selling, and stocks tanking - all on the back of the ultimate driver of exuberance, the JPY-carry trade's leverage. With VIX pressing higher (over 16.5%) and credit spreads widening further, it seems hedges (or simply reducing exposure) into tomorrow's FOMC is the order of the day...
JPY carry unwinds driving the ship...
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As VIX is well bid into tomorrow...
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