Powell puts a faster taper squarely on the table
Powell's earlier comment about 'transitory' being retired started the turnaround and this latest comment confirmed it. He said it's appropriate at the December meeting to discuss whether to wrap up bond purchases a few months earlier.
Powell isn't shying away on omicron fears and is instead signaling that the taper could be spend up at the Dec 15 meeting. At the same time, he said we will know more about omicron in the next week or 10 days.
Of course, the Fed blackout starts on Saturday so the market will be in suspense.
For now though, the US dollar is ripping higher and equities are falling as Powell catches the market off guard with hawkish rhetoric.
The pound is getting the worst of this as it craters to a fresh low for the year.