The markets are a little wild today and there is no specific item driving it from what we can see.

Here are a few that we are hearing

• 16th day of the shutdown and no signs of a break (chatter that it may last til Thanksgiving)

• Geopolitical risk rising: Lengthy Putin call, China-US trade tensions escalating, India ignoring Trump demand to stop buying Russian oil

• Regional bank angst - Zions and Western Alliance down big on loan losses.

• US funding market stress - surging SOFR rates signaling a liquidity shortage

WTF is going on...

Stocks are tanking...

Bonds are aggressively bid with 2Y yields are suddenly collapsing...