Powell testimony concluded. Can't be too much...>

FED: Powell testimony concluded. Can't be too much of a surprise that the tune

remains the same from the October FOMC, and little reac in Tsys / rates overall

(curve ever so slightly steeper). Whatever Fed outlook you had going into the

testimony should probably remain the same. As he said again, 'policy is not on a

preset course'.

- Though if you really want to look for a marginally dovish tilt - and this is a

stretch - you might find it in repeated comments on labour market slack, and

inflation risks being seen by investors as being to the downside rather than the

upside (particularly when added to his Oct presser comment 'would need to see a

really significant move up in inflation that's persistent before we would

consider raising rates').