All legs of the risk trade lower

Late in the New York afternoon we find the S&P down nearly 1%, the CRB index down 1.6%, oil down 3.1% and gold down a bit over 1.3%. The mighty dollar is up 0.6%, using the DXY. The correlation wobbled a bit this morning but came back into line before long…

US yields are lower on the day, benefiting from the firming dollar and shrugging off a $176 bln deficit for the month of October. 10s trade at 3.44% yield.