Markets keep the more bearish bias after Powell's speech

The initial reaction was toward the hawkish side and then recovered but is now moving toward the more hawkish bias after the Fed Powell's speech. I am not sure things changed much, but the Chair did reiterate the need to get rates higher. The verdict is still out on 50-75 and the terminal rate, but perhaps the feeling is 3.4% might be too low for the end of the year and the Bullard call for 3.75% to 4% is more likely.

Stocks are lower. The snapshot at 10 AM had the Dow up 52 points, The S&P down -2.07 points and the Nasdaq NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term -27.01 points.

The current levels are at:

• Dow is down -386 points or -1.4%
• S&P is down -56 points ro -1.33%
• Nasdaq is down -199 points or -1.60^

For yields, the before and after showed:

• 2 year moving from 3.374% to 3.425% currently
• 10 year from 3.045% to 3.069%
• 30 year from 3.254% to 3.257%

IN the forex,

• EURUSD EUR/USD The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be Read this Term is back below the 200 hour MA at 1.0041 and tradign at 1.0038 currently.
• GBPUSD: The GBPUSD briefly moved above the 200 hour MA at 1.18902, but is back down looking more toward the 100 hour MA at 1.18047
• USDJPY: The USDJPY moved down to test its 200 hour MA at 136.22, but has shot back higher and is trading above its 100 hour MA at 136.89. The price is currently trading at 137.10.
• USDCHF: The volatility pushed the price below its 200 hour MA briefly at 0.9991, but is back higher but still below the 100 hour MA above at 0.96418. The current price is currently at 0.96178.

Volatility with a hawkish tilt is now the theme.

PS. Stocks declines are accelerating with the Nasdaq now down -1.95%. The S&P is down -1.6%