Today we look at the issues that continue to dog this market, with a fresh rush higher in energy prices across the board in the wake of a OPEC+ meeting, as crude oil prices cleared 7-year highs, the US debt ceiling issue still an open question, Japanese equities deflating on new Prime Minister Kishida, and Facebook’s no-good, very bad day/week. We also argue that this sell-off may not have even really gotten started, judging from the forward VIX curve. We also look at PepsiCo as a compelling bellwether, signs of a wobble in EM corporate credit and more. Today’s pod features Peter Garnry on equities, Ole Hansen on commodities, Althea Spinozzi on fixed income and John J. Hardy hosting and on FX.