Good morning from Europe!

Another red day in the markets is behind us as most asset classes were hammered once again. Long-term yields did recover some lost ground in the Eurozone, but it appears that the bond market is increasingly caught in a state of disarray.

If you believed that fixed income was a secure asset class, safe for the faint-hearted, these past years have doubtlessly raised your blood pressure

Chart 1: VIX vs MOVE index