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Post-Powell Testimony, Yields-Up

Stepping away from geopolitical risk effect on market -- a little taste of normality: text of Fed Chairman Powell's testimony ahead 1000ET session with House Financial Services Comm.
  • Powell expects a March hike will be appropriate -- Mar'22 Eurodollar futures extend sell-off to 99.325 (-0.0425) -- after probability of no hike climbed to mid-teens as a result of huge risk-off rally over last two sessions (Whites-Reds (EDH2-EDZ3) +0.38-0.47 Mon-Tue).
  • Powell expects predictable balance sheet reduction after liftoff.

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