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Surging Higher, Yield Curves Surge Steeper

US STOCKS

Fed Chairman Powell pours cold water on chances of 75bp hike in the near term to address surging inflation. Stocks like the measured comments so far, making new session highs: Latest equity levels:

    • DJIA up 628.35 points (1.9%) at 33762.78
    • S&P E-Mini Future up 78.75 points (1.89%) at 4248.25
    • Nasdaq up 219.5 points (1.7%) at 12782.72
  • Meanwhile short end rates rally to new session highs: yd curves gapping wider:
    • 2Y10Y +9.429, 27.901 (L: 13.987 / H: 27.901)
    • 2Y30Y +14.021, 36.253 (L: 17.232 / H: 36.253)
    • 5Y30Y +11.215, 9.577 (L: -3.384 / H: 10.2)

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