This is the first time the U.S. bond market has not been leading other bond markets.

People are looking for reasons to sell the dollar.

The dollar will weaken. We bought some euros below $1.20. We took advantage of the dip in the euro.

Markets were primed for worrying about risk - equities, bonds and currencies too.

In a sense, the U.S. is no longer leading the scenario.

It's a real tug of war in the yen.