Making sense of macro - EM SPECIAL Turkey on the brink but what actually happened with carry and o/n Swaps ? And why didn't spot collapse ? Are there wider risk off indications with ZAR, MXN, KRW, RUB through contagion and will the elections upset bond holders in Europe and The UK ? Japanese carry still not hurt enough with TRYJPY ? If you thought EM didn't affect G10 then you need your head testing. hashtag#beatnussbaumer and I will be going through this and more this Sunday pre Asia.