The possibility of a Minsky moment in markets and geopolitics has increased, JPMorgan's Marko Kolanovic said.

• "Even if central bankers successfully contain contagion, credit conditions look set to tighten more rapidly because of pressure from both markets and regulators."
• The fed is likely already past the point of no return
• We stay neutral duration in the US and Europe amid cross-winds, favoring 10s/30s steepeners as an asymmetric way to position for an eventual Fed pause
• A Minsky moment is a sudden, major collapse of asset values