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Meyrick, Love the explanation and agree wholeheartedly. I cannot get away from the feeling that this bear steeper is going to see 10yr and beyond yields rise sufficiently to climb above Fed funds, arguably a first for this move. But as you conclude, we will see some significant repricing in risk assets, notably stocks, but also EMG currencies I imagine with CNY at the top of the list. also, MXN, which has performed admirably during the past year may find itself under pressure in my view.

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Yes, MXN & VIX have a remarkable congruence in last 18 months.

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