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Energy: Crude prices crashed, plummetting some 30% in early trading. US crude (second chart) dipped below $30/bbl for the first time since 2016.
The Brent curve moved deeper into contango (positive-sloping).
Commodities: Gold continues to rally amid risk asset rout.
Equities: The correlation between US stocks and crude oil has risen.
Emerging Markets: EM portfolio outflows have been severe.
United States: The market is placing an 85% probability on the Fed cutting rates by 75 basis points at the next meeting. The fed funds rate is expected to hit 0.2% by early next year. After massive cuts, the market now expects the Fed to begin moving rates gradually back up next year.
Food for Thought: Childcare affordability, by state:
Edited by Daniel Moskovits
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