Hope abounds once again this morning. Stocks are up (albeit off their overnight highs) thanks to AUDJPY and the Ruble is 'stabilizing'. However, the two crucial factors for recent volatility - crude prices and credit spreads - continue to slump. WTI crude is back below $55 (trading as low as $54.60 this morning) and HY credit spreads have pushed back to their wides around 406bps (disagreeing with stocks modest bounce).
Crude continues to slide...
[4]
As credit spreads widen...
[5]
But stocks want to rebound for now...thanks to AUDJPY
[6]
Well it is FOMC Day after all.
Charts: Bloomberg
