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One-week steepening move in 2s10s is a +3.5 std dev event. Certainly not unheard of, but awfully big.

Bitcoin rally is a sign of Chinese capital flight rushing for the exits and fearing a large Yuan collapse

2/ Since we are on the subject of sentiment and internal health/state of the markets This swing in the equity options markets is off the scale manic. From very high put buying to very high call buying in 2 bars!!! $SPX

TRUE! the liquidity issues of the last year are a symptom of credit problems. An implosion of credit + expanding tightness in access to it will be devastating all around. Crowding out access to credit by desperate sovereign borrowers is going to trounce corp & private borrowers