Prior to China's "shocking" decision to devalue the yuan, the market was already set to subject the FOMC's September meeting to an unprecedented amount of scrutiny.
Now that the consequences (i.e. $100 billion in UST liquidation over just two weeks) of Beijing's near daily FX interventions are becoming clear, the world is now transfixed, as Janet Yellen attempts to determine what hundreds of billions in reverse QE entails for US monetary policy. As noted on Monday [7], there's quite a bit of confusion in the market as everyone searches for clues as to what might happen should the Fed decide that despite mounting headwinds and unprecedented uncertainty, it is indeed time for "liftoff."
On Tuesday, we got a sneak peak at what "liftoff" might end up looking like courtesy of British Airways:
More from The Guardian [8]:
A British Airways jet has caught fire at Las Vegas airport, sending smoke billowing into the air.
The plane – a Boeing 777 – could be seen with flames around its fuselage.
There were 159 passengers and 13 crew on board. Two people were treated for minor injuries as a result of the fire, which involved a flight that was due to fly from the US city’s McCarran airport to Gatwick.
It was not immediately clear what had caused the blaze, which was quickly put out by emergency services.
Dramatic images of flight 2276 were shared on social media by members of the public at the airport, which is five miles south of downtown Las Vegas.
Thankfully, all passangers are apparently safe - we just hope, for the sake of investors the world over and especially for anyone still holding EM assets, that we'll be able to say the same thing for markets should the Fed attempt to "take off" later this month.
VIDEO: Fire engulfs plane on Las Vegas runway. Minor injuries reported. @CNN [9]'s @jimsciutto [10] has more. http://t.co/3jkxphWBL5 [11]
— OutFrontCNN (@OutFrontCNN) September 8, 2015 [12]
More visuals:
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