There was no shortage of worrying and gratuitously unhelpful news that was blamed for the sell-off. And we've seen a remarkable consensus among commentators who tallied the likely catalysts. It is impossible to take exception with any of them. It was death by a thousand cuts. But, already, opinion seems to be running in favor of the it-was-overdone camp, with many looking for a Thursday bounce. And fully expecting soothing words from officialdom to see that it happens.

The debate will be over whether markets shrug things off or not. What the yield curves decide to do. But, to be honest, in the bigger picture that is largely noise. December has a unique way of simultaneously being both quite important from a trading perspective and not very definitive on the policy front

Talk becomes cheap this time of year. Decisions, let alone their implementation, are for the new year.