The Fed maintains they are not considering a half-point cut in September, but many think such a large move is in order.

"The Fed is on hold. Investors feel a little reprieve that [inflation data] didn't come in higher, which could make people start thinking about a rate-hike scenario."

Ruble swap shows China is challenging IMF as emergency lender to foreign governments.

Ruble swap shows China is challenging IMF as emergency lender to foreign governments.

Bank of Russia is attempting to stem the ruble's fall by restricting rubles available to banks in Russian repo market.

Bank of Russia is attempting to stem the ruble's fall by restricting rubles available to banks in Russian repo market.

Currency wars are back, though this time the goal is to steal neighbors' inflation, not growth.

Currency wars are back, though this time the goal is to steal neighbors' inflation, not growth.