Ahead of the FOMC meeting on 16-17 December, market tensions rose a notch. Medias reported last week that the Fed is considering shifting the tone on low rates, dropping an assurance that short-term rates will stay near zero for a “considerable time”. On top of this Greece’s PM Sanaras called a snap presidential election, with the first round about to take place as early as December 17th. Such events have rattled markets on both sides of the Atlantic. Equities went down, particularly in Europe, whilst the US yield curve flattened and emerging currencies depreciated against the USD.