As Nomura's Charlie McElligott noted earlier, global investor confidence in USD-assets remains shaken, as the decade(s) of “US Exceptionalism” which was crowded-into (in order to have any chance at beating your benchmarks) as a de facto “Carry Trade” Long (funded by ROW Short) is now unwinding / being deleveraged, bleeding-out in an slow burning asset reallocation–trade...

...with $flows pushing into either the “Fiscal Expansionists” from the European about-face (welcome to reality, friends), Chinese hyper-stimulus / easing... or actual constructive / virtuous fundamental “Economic Growth / Cycle” stories like Japan, with U.S. having acted as a relative “source of funds” in recent weeks.