Lot’s of action in overnight markets. Walking into the office early this morning, I see the FTSE, Euro Stoxx, S&P 500 and MSCI both Emerging and Asia Pacific down sharply. The concern stems from Turkey of all places. President Erdogan has the world up in arms. All eyes will be on his speech today and how he hints at trying to stabilize the situation. The Lira has been sliding significantly and and the concern now lies that foreign investor flows may cease. This could be a major blow and cause an outright collapse. The Financial Times reported this week that there is mounting concern over Eur ozone banking exposure to Turkish assets. Time will tell, but this bout has become serious. Domestically, we have CPI on the docket. Key inflation data will play a role in future rate hikes, so stay tuned.