Nomura analysts issued a report saying they’re “closing all trades as we witness a great stop-out” in the US interest rates market.
“We are in the midst of a significant reset of expectations (ranging from pushing back Fed hikes, the US is not decoupling but actually can re-link to slower global growth, risk markets are risky) and this is resulting in large- scale risk reduction in most financial asset classes.” They add “honestly speaking, it feels like we just all witnessed the’anti-taper.'”
The thing is, stock and FX markets haven’t experienced the kind of washouts we’ve had in bonds so it’s probably not over yet.