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RUSSIA

USD/RUB Slips, Approaches April Lows

US 10YR FUTURE TECHS

‌‌(M1)‌‌ Resistance Remains Intact

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  • The Fed Chair notes importance of using broader metrics of unemployment - it'll take some time to get back to maximum employment; Fed wants to see broad-based gains in employment, wage growth... "high standard" for identifying what "maximum employment is". Will take some time to get there.
  • 4% would be a nice unemployment rate to get to, but looking for more than that. "Highly unlikely" to get to maximum employment this year. Looking to make "good progress" but 10mn shortfall in jobs means a long way to go.
  • Again, nothing new here, has been mentioned many times by Powell and others.