The Global Macro Monitor defines “macro swan” as any global macroeconomic or financial event with the capacity to spill over into world markets causing risk aversion and lower asset prices.  – GMM

Euro sovereign spreads were stable today.  The Italy 2-year came in further steepening the country’s yield curve.  Euro banks flattish.

EM FX

The relentless pressure on EM fx continues even after their central banks tighten up monetary policy.  The Fed and ECB meetings loom large.

Interest rates continue to rise across the emerging markets.