Fed chair Powell line that appears to be....>

US TSYS: Fed chair Powell line that appears to be underpinning equities the most

(at moment w/SPX +66.25 at 2514.0). "With the muted inflation readings that have

been coming in, we will be patient and see how the economy evolves."

- Meanwhile, Tsys/Eurodollar futures are bumping around session lows, near

reversal of yesterday's post ISM moves. Rate cut probability that had risen to

appr 30% (OIS) for June meet has evaporated. But NOT back to pricing in 1-2 rate

hikes, cautious in light of Thu's ISM PMI drop to 54.1 from 59.3 in Nov (not to

mention global decline, China Caixin PMI dip below 50 earlier in week).

- That said, note Tsy yld curves bear flattening/reverser Thu's move, 5s30s

currently -4.598 at 49.699 (47.448L)