The US markets are just waking up to the bright red margin calls but the carnage in Switzerland remains. The Swiss Market Index plunged almost 15% on the SNB news (and is bouncing back modestly) to 3-month lows (Bullard lows) before bounciung back modestly. The Swiss yield curve has been crushed 10-20bps lower with yields negative all the way out to 9 year maturity... EURCHF is holding 1.02 for now...
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