There is no contagion yet but cannot be ruled out down the road: Santosh Rao
The market is not bad, but it is on a holding pattern. The Fed is expected to raise rates, but it is not clear if they will just kick the can down the road or actually do something. There is a lot of talk about a contagion effect, but so far it has not happened in the US. There are some underlying issues that need to be watched closely, but so far they have not caused any problems.
