The major indices and currencies went on a wild ride last week with the renewed U.S.-China trade war but closed down less than 1%.  Beijing's currency depreciation escalated market turmoil.

Gold, volatility (VXX), and U.S. Treasuries rallied, typical during times of trouble.

The negative-interest-rate policies of the ECB, SNB, and BOJ are meant to revive growth and have pumped liquidity into the financial system.


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