A look at the day ahead in European and global markets from Wayne Cole.
Wall Street must be hoping Federal Reserve Chair Jerome Powell would speak in public every day. Given a chance to react hawkishly to the bumper January payrolls report, Powell demurred and chose to stay boringly balanced on the rate outlook., he would do the same again.
He reiterated the "disinflationary process" was under way, but it would likely take a "significant" period of time and if the data kept coming in stronger than expected, the Fed would have to do more on rates. Hardly earth shattering stuff, but for markets these days if Powell is not all-out in-your-face hawkish, then he's dovish. There's no middle ground. Wall Street duly rallied while Treasury yields and the dollar have eased a little, with futures priced for just two more hikes to 5.0-5.25%.
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