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So the FTSE 100 is up 58.22 points at 5248.46, with the Dow Jones Industrial Average also expected to make a bright start to the week, with the futures indicating a 41 point rise at the opening.
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Such futures indicated on Tuesday that investors see a 60percentt likelihood of a rate cut in December.
Now, trading in federal funds futures indicates that investors expect only a quarter-point rate cut next month, if any.
Where Asian markets closed down 8-10%, European indexes are off their lows and futures indicate a close down only 2-3%.
And futures indicate that American markets may have at least as big a day today as they did yesterday.
The prices of euroyen futures indicate a further half-point rise in interest rates next year.Some (politicians, more than economists) worry that raising rates will slow the economy.
Asian and European exchanges are generally down around 5% on the day, and futures indicate that American bourses will open down about 2%.
Stock futures indicated the market would open at around half a percent lower, but the sell off could be even worse if moves in the US and Europe overnight are any indication.
Earlier this month, Fed funds futures indicated that financial markets expected the trend to continue, with at least a quarter-point cut on April 30th and a 50% chance of a half-point move.No longer.
A slight improvement in S&P 500 futures indicated that stocks could get a gentle lift at the opening, but investors weren't holding their breathes.
Although trading in interest-rate futures indicated the opposite, the Fed seemed to be saying it had no interest in reducing its target on the federal funds rate from 5.25%.
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