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It is Monday afternoon and markets are still processing the news from Mario Draghi and the ECB.

Here is what we know. The BofA Merrill Lynch Global Financial Stress Index just soared upwards by the most since China’s yuan devaluation in August last year.

And the VIX short index fell as well.

The VelocityShares VIX Short Volatility Hedged ETN is an exchange traded note issued by UBS AG (London branch). The Note will provide a cash payment at the scheduled maturity or early redemption based upon the performance of the underlying index, the S&P 500 VIX Futures Short Volatility Hedged Index – Short Term.

And the interest rate volatility cube (which resembles the Flux Capacitor from “Back To The Future” is … fluxing.

The implied probability of a Fed Funds hike is less than 50% until after the Presidential election.

Fed Governor Lael Brainard (aka, Paulette Bunyon) will deliver remarks at 1 p.m. EDT, and the market is on edge over what she will say. Considered a close ally of Fed Chair Janet Yellen, Brainard’s remarks likely will go a long way toward indicating where the Federal Open Market Committee stands on interest rates.

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