…shift in Fed communication, towards a discussion of tapering down asset purchases, setting the Fed apart from the direction of travel of other major central banks. Today's disappointing US employment report may put that shift on ice, removing what had been a building headwind for Treasuries. Equities • Global equities are down on the week due to weaker than expected US activity indicators. The MSCI AC World index is down almost 3% from its mid March peak. It is effectively…