There is some speculation the Fed is closer to halting its tightening cycle.

I think they are. I think that the Fed either finished its tightening for this cycle, or it has 25 basis points to go in a couple of weeks. I do not see the Fed tightening further in August.

There has been some speculation that you could conceivably see the two-year note cut back to a quarterly cycle from a monthly. I do think that will happen, but I don't think it will be announced tomorrow.

It seems as though the whole dynamic is based on safe-haven flows. It starts to give pause to what's going on there. It brings the news closer to home.

I think the predominant focus was on the fall in the Nikkei, and the sharp drop in the Nikkei took the yen down, ... And I think the yen generally brought the rest of the market down with it.

The Fed is sticking to its guns,