"... euro bonds or a euro budget is not necessary to have massive redistribution in the Eurozone. The Eurozone is already a transfer union in which risks are socialized producing irresponsible behavior. However, the transfer union is not yet institutionalized and explicit. European elites are working on it."
"Today is an important anniversary for former intelligence chief James Clapper... he can celebrate the running out of the statute of limitations on his alleged perjury before Congress - five years and Clapper is now beyond the reach of the law."
It was a relatively quiet session until a little after 5am ET when all early-morning market moves were superseded by aggressive cross-asset reaction - mostly in the form of selling of anything US-linked - to a Bloomberg report that China is reconsidering its UST holdings.