A Global “Tightening Tantrum” Has Begun; RBC Urges ‘Seek Protection’, VIX To Double

Monday, March 13, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Mar 13, 2017

RBC’s head of US cross-asset strategy, Charlie McElligott, notes that a look through markets shows “nervy” price-action everywhere with the exception of developed-market equities (shocking, I know) into this accelerating “financial tightening” theme.

The story of the past week in global markets was the jump in US real yields (per ever-increasing Fed hiking-path probabilities, i.e. June now ~50%) and the trickle-down impact it has had across the asset-spectrum. Nominal rates gapped higher through their multi-month range on the mega ADP print (although there was profit-taking from shorts following Friday’s NFP relative to very high whisper expectations) while breakevens cracked to the downside, as WTI and Brent collapsed to new 2017 lows.

The Rest…HERE

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