Bloodshed Continues As Markets Price US Downturn
A global market selloff triggered by Donald Trump’s effort to upend the global trading system is still underway this morning, with equity futures pointing to further losses after trillions of dollars in value was erased during yesterday’s session. Most major US and international indices are down more than 5 percent from Tuesday’s levels, benchmark ten-year Treasuries are yielding less than 3.9 percent for the first time since early October, and measures of implied volatility—expectations for more turbulence in the future—are holding near levels last hit during August’s unwind in the yen carry trade and the collapse of Silicon Valley Bank...