Well that escalated quickly. What gains were achieved yesterday in equity markets (or v-shaped recoveries) have been dismissed this morning as stocks test Tuesday's lows tumbling as Europe got into swing and Greek fears surged (along with peripheral bond spreads). Treasury yields are pushing on lower past 5Y maturity (10Y approaching 2% again) but 2Y higher, as the dollar limps lower. WTI Crude remains in the low $42s after last night's API inventory build. All in all, it appears markets are starting to be resigned to the impatient Fed's actions today.
Stocks red for week...
[5]
while 2Y rises and the longer-0end flattens dramatically...
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and Crude is carnaging more...
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As European risk surges...
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So much for Draghi's QE.
