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

The Euro swans continue to stabilize.   Barry Eichengreen out with a good piece on the row between Rome and Brussels.  See here.   The real news came with the dustup between Angela Merkel and her own government     See here,  We suspect Frau Merkel’s government is not all that stable and is under pressure from Germany’s own populist flirtations.   Watch that space.

EM

Same story, different day.  EM currencies remain under pressure with the weakness accelerating after the hawkish FOMC release.   Our friend Sri lays it out,

Countries that feasted on the cheap money that resulted from the quantitative easing and near-zero interest rates initiated by the Federal Reserve almost a decade ago are now suffering from a withdrawal of global liquidity, – Komal Sri-Kumar, the president and founder of Global Strategies.