The Fed might be able to put off hiking rates for a time, but eventually this will become a REAL issue. Particularly since CPI cleared 2% when Oil and most commodities were 40% off their highs.
The currency markets trade over 26 times more volume than the global stock market every single day. As such they are the most liquid, sensitive markets in the world.
I am in no way suggesting that Europe will break apart tomorrow. But the fact the ECB has admitted that even its extraordinary policies have failed to the point that it won’t achieve its goals for a decade indicates it’s the beginning of the end.