Yesterday’s market rout deepened the recent rut in global markets, with the timing making it a bit difficult to call this a taper tantrum, as the selling was most intense at the end of yesterday’s trading session in New York, not around the time of the release of the FOMC minutes, although these do show a clear intent to begin tapering before year end. We look at the odd internals amidst the sell-off, the sympathetic sell-off in commodities, the takeaway for treasuries from the FOMC, perspectives on inflation-linked treasuries globally as well as the USD reaction and more. Today’s pod features Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.