The second to crater was global bond yields. In this case, 10-year US Treasuries hit a low of under 1.36%, although we are back up to 1.39% along with US equity futures, with the 2-year at 1.28%. The market is now expecting the Fed to cut again later this year, which should be no real surprise to anyone except the Fed. (Not so much over the risk to life, perhaps, or to growth – just to equities.) In the meantime, we got ‘just’ around USD40bn in new Fed repo madness to tide us over for a few days…or perhaps hours. Who knows?