It's not a pretty picture in global markets at the moment as the market continues to hit the panic button on fears that 1) what the Fed didn't isn't enough 2) Europe isn't protected.
There's an old line of thinking that if issues are bad in the US, they're worse in Europe. That played out in the US financial crisis as it turned out that many European banks were holding the risk. There's also the broad worry that many global banks have the same kind of duration risk that felled Silicon Valley Bank.
Credit Suisse senior debt spreads are up 40-50 bps today and broader European senior spreads up 10-20 bps.
In any case, the move right now in markets is to find safety and ask questions later. Oil is puking at the moment, falling $4 on worries about global growth. The US 2-year yield is down 45 bps to 4.13%.
The market is pricing in a 64% chance that the Fed doesn't hike at all next week.
