While we still have almost a month before the next FOMC meeting and Powell will commit to nothing today, this comment was enough to move markets,
*POWELL: RATES MAY NOT NEED TO RISE AS HIGH GIVEN CREDIT STRESS.
Also, of course Bernanke is not laying any blame on monetary policy joined with fiscal policy in resulting in inflation. To him, it’s all about the supply chain breakage. Argh.
The 2 yr yield just fell sharply to back under 4.20%. The dollar got smacked and gold jumped. See intraday moves below.
2 yr Yield Intraday Move
Euro Intraday
Gold
END