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Our Senior Macro analyst Darius Dale explains in the clip above that the global economic data continues to slow – at a faster rate – and it’s beginning to “seep over into the U.S.”

“We’re going to get the worst data since the cycle started slowing last year in the next three months,” Dale explained earlier this week on The Macro Show.

“Investors haven’t had to deal with that yet. What’s now happening to bond yields is they’re saying, ‘Oh no, the data is getting worse at its fastest pace and the Fed hasn’t done enough to ease. The ECB hasn’t done enough to ease. The PBOC is moving in the wrong freaking direction! They’re tightening.’

This could get hairy in a hurry. This is the black hole of market risk we’ve been talking about for months now. Pay attention.”

Watch the full clip above for more.

Dale: The 'Black Hole Of Risk' Is Here - early look