Today's trading has been a journey as the market tries to sort out the economy and the bond market. Treasury yields are still higher on the day but have been reeled in from earlier levels.
US 10-year yields are up just 0.2 bps on the day to 4.23% from a high of 4.28% after Powell. The dollar and stocks are being dragged around with yields.
AUD/USD is a good illustration of the price action today. You can see the pop initially on Powell, followed by the reversal and now a slow rebound.
AUDUSD 10 mins
