The big picture: The U.S. selloff on Friday was sensible...looks to be driven by international financial linkages and crowded trades unwinding.
The effects are creating far bigger market moves than are justified by shifts in the U.S. economic outlook.
Chicago Fed president Austan Goolsbee said Monday: 'The law'...it's about the employment and it's about price stability.
The unwinding of the Japanese carry trade is the most prominent and widely discussed shift...buying U.S. debt instruments yielding 5% or more.
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