Not only is the stock market getting hammered, but 10 Years today, and especially in the last 20 minutes have gotten the biggest beat down in months. Only the dollar is barely holding on to the green, and that is just because people are shocked, SHOCKED, that the UK may not actually be a AAA-rated credit. And the 2s10s.... fugghedaboutit - everyone is piling in short durations.
Update: So much for the dollar catching a break. Even soon-to-be-triple hooked United Kingdom is winning at the halftime commercial break. Now all the UK fear has moved squarely on Uncle Sam's shoulders.
Oh, and our hedge fund friends (and enemies) who have moved all their cash to gold are having a very nice day.
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