Today we review the trauma that has unfolded across markets in the wake of last week’s FOMC meeting, with equities feeling considerable heat on Friday and a vicious yield-curve flattening requiring an explanation, although at this point we may have more questions than answers. We also look at the impact in commodities, in FX, where a steep JPY rally has emerged, the macro and earnings calendar for the week ahead and more. Today’s pod with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.