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- After a record-breakingly poor start to 2016, the past few days have hosted a minor recovery in U.S. equities. The VIX® closed last night at 22.31.
- U.S. High Yield spreads remain highly elevated; sovereign and U.S. Investment Grade spreads have increased since our previous report.
- urrency volatilities have increased while the commodity markets continue to show signs of relatively acute distress.
- In a contrast to recent norms, the turmoil has been distinguished by a wide range of competing sources for concern or optimism. Correlations are lower than might be expected and dispersion has been increasing.