Speakers at the US Federal Reserve (Fed) will line up to push markets one way or another, a day after the central bank warned of deteriorating liquidity in key markets. The cryptocurrency market is showing signs of stress as the Terra stablecoin lost its peg to the dollar. Stocks should recover after Monday’s rout. Tesla is again forced to slow production in Shanghai, and oil prices fell to a one-week low on concerns about the outlook for global demand. Here’s what you need to know about the financial markets on Tuesday, May 10.

1. FRS SPEAKERS SPEAK THROUGHOUT THE DAY

At least five senior policymakers from the U.S. central bank will make public appearances on Tuesday, and their comments could reveal whether they are still focused solely on keeping inflation in check or whether the prospect of a global slowdown is starting to force them to rethink things.

First up at 7:40 a.m. ET (11:40 a.m. GMT) is New York Fed President John Williams, whose status as the Fed’s Wall Street spokesman gives his comments particular weight, a day after the Fed warned of deteriorating liquidity in key financial markets.

He is followed by Atlanta’s Raphael Bostic at 8:30 a.m. ET. A lull follows until 1 p.m. ET, when Governor Christopher Waller and Neel Kashkari of Minneapolis are scheduled to speak. Loretta Mester of Cleveland wraps up the day at 3:00 pm.

The data calendar is otherwise pretty light, with only the NFIB small business survey worth noting. Its core index was unchanged at 93.0 in May, slightly better than expected.

2. CRYPTO MARKET STRESS

The signs of stress in the financial markets that the Fed has been talking about are not hard to spot. In addition to ongoing default risks among Chinese real estate developers and nearly all Russian companies, starting with sovereigns, there has been a significant spike in nickel and energy markets in recent months.

On Monday, it was the cryptocurrency market’s turn as the UST stablecoin, conventionally pegged to the dollar, fell to 69 cents, triggering a wave of redemptions for fiat money.

The steblecoin phenomenon has some parallels to the role of money market funds during the Great Financial Crisis, as both asset classes are reduced to the promise of risk-free returns. The realization that the assets backing MMFs in 2008 were less than solid was a major catalyst for the worst carnage of 2008.

3. STOCKS ARE SET FOR A REBOUND

By 6:25 a.m. ET, Dow Jones futures had jumped 250 points, or 0.8%, while S&P 500 futures were up 0.9% and Nasdaq 100 futures were up 1.5%. This represents a recovery of between one-third and 40% of Monday’s losses.

4. TESLA FORCED TO SLOW PRODUCTION IN SHANGHAI AGAIN

Tesla was forced to once again halt most of its production in Shanghai , Reuters reported. The company attributed the move to component shortages caused by region-wide blockages.

Data released earlier by the China Passenger Car Association (CPCA) showed that Tesla’s sales in China fell 98% in April.

The quarantine in Shanghai also triggered two warnings for Germany’s manufacturing sector on Tuesday, with think tank ZEW and machinery industry group VDMA sounding the alarm.

5. OIL HITS ONE-WEEK LOW ON DEMAND FEARS

Crude oil prices continue to decline amid concerns over global growth, with prices still in a seesaw between falling demand in China and tightening supplies from Russia.

By 6:35 a.m. ET, U.S. crude futures were down 1.5 percent to $101.50 a barrel, while Brent crude futures fell 1.8 percent to $104.04 a barrel, with both blends earlier hitting their lowest point in a week.

The American Petroleum Institute is due to release weekly inventory data at 4:30 p.m. ET amid record-high diesel prices.