A look at the day ahead in European and global markets from Wayne Cole
operation by a Fed-led posse of major central banks. Incidentally, the BOJ's US$ tender today found no takers, suggesting there's no dollar drought in Asia as yet.
It's not helping that Credit Suisse shareholders are taking a nasty haircut in the deal, though not as painful as AT1 bond holders who seemingly won't get their $17 billion back. Volatility is still very much here, as two-year Treasury yields started at 3.90%, jumped to 4.03% only to come all the way back to 3.88%. Rates will no doubt have changed again by the time this sentence ends.
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