I can’t remember the last time I woke up to an all-red screen:

Today, of course, is the big day for Jerome. The market activity before these The State Controls Your Markets meetings is usually fairly meaningless, but at the moment, equities are letting off some steam, such as the NQ:

The one to really watch is the bond market (/ZB below) which continues to erode like a creek’s muddy bank during an endless downpour.

Looking at the farther-out version of the /ZB you can see how persist its degradation has been for the past year. If we hammer down hard (in other words, interest rates keep spiking) once can imagine a scenario in which bonds and stocks are tightly correlated, since rising interest rates will not be seen as a sign of a strengthening economy but instead, be perceived as a means by which growth will be strangled by the meaty hands of the massive debt that require servicing at ever-higher rates.