After a brief respite, bank stocks are again under pressure with deposit flight and CDS both pointing to escalating concerns.

Neither the April CPI nor PPI prints support the notion that the Fed will lower rates any time soon – keeping the pressure on banks and an economy that depends on easy access to cheap credit.

Futures backed off the key 4166 threshold again yesterday, only to bounce back and test it again overnight.

continued for members…

Currencies are finally breaking down, with the EURUSD and USDJPY both in decline and DXY popping. Gold, silver and BTC are also under continued pressure.

CL and RB are both off about 1%, with CL reversing back below its SMA10. Though the 2Y and 10Y yields are lower, the 2s10s remains just below the danger zone.

Note that the 2Y has broken down below the little red TL again. GLTA.