Before entering my thoughts on the significance of the year’s lowest close on the U.S. 2/10 curve, let me state that a Bloomberg news article by Alexandra Harris and TJ Marta is a must read in order to put perspective to the erratic nature of the markets recent moves. (It’s titled, “Traders Pull ‘Singed Fingertips’ From Markets As Risks Escalate.”) Every hedge fund of qualitative significance is struggling in an effort to make sense of all the potential “prairie fires” that exist around the world. Several months ago I blogged about the many risky bundles of dry tinder that could be ignited by a single spark. The Harris/Marta article provides an up-to-the-moment recap. (Full disclosure: Harris is one of my progeny, while Marta will have to blame others for his shortcomings.)