The three major stock  indices  move lower on the initial Powell comments. However they have each retraced all their declines and are trading back at highs for the day.

The 2 year yield spiked higher during his comments as well reaching a high yield of 2.711%. However it has since moved down to 2.686%. That still above the pre-speech low yield of 2.665% but certainly off the high price.

The USD initially moved higher in sympathy with move higher in yields and more hawkish tones regarding rates, but it has given up some of the gains as well and trades near the mid range in most of the major currency pairs.

Powell has the answers and indeed influencing demand is good when jobs are "plentiful", but his track record is not all that great of late and with it goes his credibility.

The slow to react from the Fed led to higher inflation and he may now be forced to put on the brakes much harder that ultimately leads to "fast break the other way". To me his matter of fact approach and roadmaps to nirvana are wearing thin.

We will see, but for now, it is higher rates and higher stocks and green grass, and high tides forever.