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Powell Text Sees Renewed USD Bid and Equities Under Pressure

CROSS ASSET
  • Powell's prepared remarks help drive further volatility across assets.
  • Fed swaps push back the timing of the first 25bp rate cut from June to July.
  • BBDXY pushes above the week to date high seen after the 30Y auction tail that was then swiftly reversed ahead of Powell. It's back at pre-payrolls levels.
  • The S&P e-mini also extends losses, touching 4367.50 for now easily through yesterday's 4375. Support however not seen until 4257.75 (Nov 3 low).
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