Overnight gains in US equities have rapidly evaporated as the cash market opened, with Small Caps and Nasdaq leading the drop...(IJR, QQQ)

(Click on image to enlarge)

Bonds are also getting hammered...

(Click on image to enlarge)

 Gold is trading lower... (GLD)

(Click on image to enlarge)

And Crypto is taking a hit...

(Click on image to enlarge)

And all of this is happening as the STIR market shifts increasingly hawkish.

 It is clear that Powell's "dovish" taper talk has utterly failed.