FAST FIVE: BMO: "Today's Session Will Be An Inflection Point In Markets"

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there is undoubtedly more demand than is reflected in forecasts for this week's number).

The most relevant debate at the present moment is whether or not the economic negativity has gotten ahead of itself, or if there is another stage of adjusting to a weaker global growth and inflation profile yet to come.

This heightened level of uncertainty is evident throughout a variety of measures between the VIX at 65 and the MOVE's recent peak above 163, there is no meaningful debate around whether or not price action has been choppy.

10s have also managed to hold between the 38.2% and 61.8% retracement levels (90.6 bp and 68 bp, respectively); which speaks to a 'wait until there is more concrete data' approach.

As a passing observation, price action appears to be increasingly disconnected from the coronavirus headlines.

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