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USD/JPY Surges to Fresh Highs as Powell Talks Restrictive Stance

CROSS ASSET
  • The greenback rallies, with USD/JPY surging to touch a fresh session high of Y137.33 as markets pick through Fed Chair Powell's statement.
  • Market interpreting the statement as moderately hawkish, with Powell focusing on the need for 'restrictive policy' for some time. Move puts USD/JPY within range of the weekly high at Y137.71, a break above would be the highest level since late July.
  • US 10y yields initially surge, touching 3.0762%, before fading and pushing back toward 3.02%.
  • Clouding the market reaction is the lower-than-expected Michigan inflation expectations revision, with 1-year expectations dropping to 4.8% vs. Exp. 5.0%, while 5-10yr inflation expectations are marked down to 2.9% vs. Exp. 3.0%.
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