Absolutely No Surprises From Powell

Absolutely No Surprises From Powell

Absolutely No Surprises From Powell What a letdown, but also what an unsurprising speech from Fed Chair Powell.  He did the market a solid and threw in a mention of "R Star" and the inflation target, but not in a way that offered any new insight beyond anything shared at the last press conference. Markets had some positioning to work through in the wake of the speech, but the process was done by lunch with both MBS and Treasuries perfectly unchanged by the 1pm hour. Econ Data / Events Consumer Sentiment 69.5 vs 71.2 f'cast, 71.6 prev 1yr inflation ex