Yesterday Wasn’t A Holiday Overseas

While yesterday was supposed to be a holiday, and it was expected to be quiet, financial markets received (yet) another reminder, that the denominator is reacting poorly. The US is, relatively speaking, in better shape than others. It can deal with turmoil for a long list of reasons. However, even other developed economies are having a very difficult time.

Yesterday, UK interest rates moved almost .30%, in a single day. The gilt market has been even more stable and boring than the US, in the good ‘ole days.