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Photo: Spencer Platt / Getty Images

"The world’s biggest hedge fund ... warned that global markets are entering a new era of volatility as the world adjusts to higher interest rates after a decade of ultra-loose monetary policy," the Financial Times reports on the front page.

Why it matters: After Wall Street's worst week in six years, the FT pointed over the weekend to "The end of an era of tranquility" and the beginning of "The age of instability."

  • Bob Prince, co-chief investment officer at Bridgewater, said last week’s turbulence is set to continue: "There had been a lot of complacency built up in markets over a long time, so we don't think this shakeout will be over in a matter of days. ... We'll probably have a much bigger shakeout coming."

P.S. "New Tax Law Haunts Companies That Did ‘Inversion’ Deals,'" per Wall Street Journal front-pager:

  • "Companies that engineered ... inversion deals ... have been able to reduce their tax rates and take certain deductions by shifting their tax homes to other nations. ... [P]rovisions in the new tax code restrict some of those deductions."

Go deeper

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.

Dave Lawler, author of World
2 hours ago - World

How Biden might tackle the Iran deal

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.

Kamala Harris, the new left's insider

Photo illustration: Eniola Odetunde/Axios. Photo: Joe Buglewicz/Getty Images     

Progressive leaders see Sen. Kamala Harris, if she's elected vice president, as their conduit to a post-Biden Democratic Party where the power will be in younger, more diverse and more liberal hands.

  • Why it matters: The party's rising left sees Harris as the best hope for penetrating Joe Biden's older, largely white inner circle.

If Biden wins, Harris will become the first woman, first Black American and first Indian American to serve as a U.S. vice president — and would instantly be seen as the first in line for the presidency should Biden decide against seeking a second term.