The bond market turns its attention to Biden
Buy bonds on Powell, sell on Biden
Bonds are being sold hard at the moment, totally erasing the initial move when Powell said "now is not the time to be talking about exit" in regards to QE. US 10-year yields are up 4.3 bps to a session high of 1.13%.
It's now clear that bond sellers were waiting for Powell to speak before piling on. That's almost surely a trade on Biden delivering an enormous spending package later.
With the rise in yields, the dollar is ticking higher -- particularly USD/JPY.