A report in the Wall Street Journal on Monday afternoon saying:

• “A string of troubling inflation reports in recent days is likely to lead Federal Reserve officials to consider surprising markets with a larger-than-expected 0.75-percentage-point interest rate increase at their meeting this week”

led to a cascade of analysts revising their forecasts for Wednesday’s FOMC decision from +50bp to a 75bp interest rate hike. So much so that 75bp has now become consensus.

Rate futures moved to now just under 100% for a 0.75% move.

Check out the Monday US timezone wrap for more, and for the rundown of the huge slump in equities (the wrap is linked above in the bullets).

The reopening of equity index futures trade on Globex saw US stock indices recover a little. Solid earnings for Oracle announced after the cash market close contributed to the bounce.

Asia Pacific shares dropped.

Crypto continued its cratering. BTC/USD dropped to around US$21K and is circa 21.5K as I post.

Across the major FX rates the session here was relatively subdued, market attention is elsewhere.