Reversal in the Treasury market
Here's how 10-year Treasury yields reacted to Powell:
It's a similar move across the board with the US dollar breakdown now on hold. Powell is no doubt dovish but the bond market can't like the idea of inflation running above 2% when the 10-year is at 0.70%.
Stocks are also taking charge here with the S&P 500 now up 15 points to 3494.
What's not going to happen is a USD rally and a stock market rally so something is going to have to give here. Tread carefully.
