Recent turmoil in global financial market that has already battered stocks and commodities, pushed back hike expectations from FED at least two meetings.

Stock faced their worst New Year start led by China, where Shanghai composite is leading drop with fall of more than 18.5% so far this year, today it is down close to 4%. Others are not far behind, Nikkei is down more than 9%, today around -2.3%. DAX and S&P 500 both down more than 7% so far this year.

Commodities are shattered in similar ways, with oil leading the way. Crude oil this year has wiped out more than 18% of its value, while industrial metal copper lost about 8%. Only bright spot in commodity segment is gold, which is up around 2% YTD.

At the end of last year, federal funds future was pointing at March to be the next hike with more than 50% probability, now 59% of the traders expect FED to stay hold in March. It is only in June, traders are expecting with 61% probability that rates will be higher.

Dollar, however has been able to hold its head high. Dollar index, which is value of Dollar against basket of currencies up 0.5% for the year, trading at 99.