How do you know that "things are getting serious"? Well, one way as Jean-Claude Juncker explained before, is that "you have to lie." Another is when central bankers start withdrawing from cental bank gatherings, which as Reuters reported is what both Mark Carney and now Janet Yellen have done, in this case pulling out of the ECB Forum on Central Banking that starts today and lasts through Wednesday. Clearly they have bigger things on their plate...

As Reuters notes, Federal Reserve Chair Janet Yellen is no longer due to speak at a global central bank summit starting on Monday, the second high-profile defection after the Bank of England's governor pulled out following Britain's vote to leave the European Union.

An updated version of the programme of the event, organised by the European Central Bank, showed on Monday that a panel with Yellen, ECB President Mario Draghi and BoE Governor Mark Carney had been taken out. Carney had cancelled his attendance over the weekend. The ECB's Forum on Central Banking takes place every year in Sintra, Portugal.

Cited by Bloomberg a Fed spokesman said that Yellen will not participate in the Wednesday policy panel at the ECB conference as was originally scheduled. She will be returning to Washington following the BIS meetings. The Fed did not offer an explanation for Yellen’s change in schedule.

We are curious how long it will take algos to "analyze" that this is great news as it implied imminent central bank intervention and promptly send stocks back to near all time highs.