Fed's Aggressive Repricing Causes Market Shift

The Federal Reserve's aggressive repricing of dovish bets has led to a slide in global equities and a bounce in the dollar. The upcoming U.S. payrolls report is significant, with traders expecting a little better than 2-in-3 odds that the Fed cuts rates by March. The deadly New Year's Day quake on the yen and the potential implications of the Bank of Japan policy shift are also notable. Britain's house price data and consumer lending figures have bolstered bets the economy can skirt a recession, lifting sterling.