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Amidst a major quantitative breakdown of multiple factors across my global macro model, one shining light of positivity remains - the dampening of global counterparty risk.

3 month LIBOR minus 3 month US Treasuries (TED Spread) has come down appreciably since the week of October the 13th (see chart). This is the PRIMARY reason that I think this current selloff in global equities will be met with higher lows than those freak-out ones that we saw last month.
KM