Bond market volatility continues to lead all markets lower, triggering a further round of deleveraging.
Cryptos have been crushed and Credit markets appear to have hit capitulation, even if equities have not.
FX volatility, especially in the Yen, is also causing, as well as reflecting, distress in terms of forced buying/distressed selling and is being exaggerated by the (VaR) volatility based risk management models that trigger further deleveraging of balance sheets.
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