It’s an ugly start to the US trading week with the VIX up 17% as market participants pare back risk exposure.

Trump is tweeting that Chicago “is the murder capital of the world” in a sign that he might send in the National Guard there in his 2 pm announcement.

S&P 500 futures are down 1.1% while cable is off by 200 pips. Sovereign concerns are a big driver of today’s price action on fear the US Treasury will have to pay back tariff revenues. The US dollar is broadly higher higher, even against the yen.

It’s a messy day with plenty of cross currents as the calendar turns over.