And who steps in to make sure there is capital out of equities and into bonds. Who really? (no, not talking a re/deleveraging of certain quant funds - this is the real deal). Ironically JPM has not gotten Blankfein's "pushing the book" memo from earlier (liquidity quants seeing a micro dip and the saliva starts running - the market can not possibly go down) and keeps on buying SPYs. GS vs JPM? Our money is on Lloyd biting off Jamie's ear by the 3rd round.
Of course, the dollar is screaming higher - gotta put some last minute lipstick on those 10 Yr pigs: can't take any chances today as a 1pm 10 Year auction debacle could really start the revelation of the emperor's lack of clothes.
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