The S&P 500 plunges into bear market territory while the 10-year Treasury yield spikes to decade highs. Goldman Sachs and JP Morgan adjust their outlooks ahead of an expected 75-bps rate hike while the CME puts the odds of such a Fed move at more than 95 per cent. Morgan Stanley CEO James Gorman believes the chance of a U.S. recession now stands at 50-50. And in crypto news, Bitcoin sinks to below $21,000 as frozen withdrawals spook investors, wiping out more than $200bn from the market since Friday’s session.  

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