All this happening after the ecb shocked the world with a stimulus package that was smaller than expected. The selloff started yesterday immediately after fed chair janet yellen signalled a rate hike in december. Is this the end of the socalled easy money trade . Yes. I think it is the end of the easy money trade but its been all year. Weve seen multiple markets, multiple sectors all trading lower. What happened today, do you need to separate out what happened today. Today was not an economic event. Commit didnt change from yesterday. Its not going to change from tomorrow. What happened today is people were positioned expecting the ecb and mario draghi to deliver more stimulus than they did. They still delivered stimulus and eased monetary policy, cut rates. They didnt do as much as market expected. When those expectations had to unwind, everything spilled out. The dollars been driving this market all year. It drove it today. When it weakened, the euro strengthened. Every other asset c