Not even a pat on the back for the bond market

Powell has stuck to almost the exact same script as Brainard earlier this week, saying that rising rates had caught his eye but not coming anywhere close to saying he didn't like it.

Here are 10-year yields, which are now just shy of last week's closing high:

Not even a pat on the back for the bond market

The US dollar is strengthening across the board as risk aversion picks up. There's nothing coming on March 17 from the Fed and Powell doesn't seem to care about rates at 1.5%. Will he care at 1.75%? At 2.0%? We might be finding out sooner rather than later.

Meanwhile, he's not making any friends at global central banks.

The US dollar is moving up with rates and also with the kicking and screaming in equities.

Besides the literal messages here, the equity market wants a Fed that will always be there in any adversity. Probably most-notable is that Powell won't fold to mild/modest market pressure. That has implications down the road.