Powell not so dovish as hoped in the prepared remarks. The comments have sent the stocks back to the downside. The S&P and Nasdaq are now lower on the day. The Dow holds onto a modest gain.
The USD has moved back higher.
- EURUSD is back below the 100/200 hour MA near 0.9925 area.
- GBPUSD is back below the 100 hour MA at 1.1529. 200 hour MA is at 1.14758
- USDJPY is back higher but below the broken 61.8% and earlier low for the day between 146.72 and 146.81
Markets will remain volatile as Powell's comments are not as dovish, but he is open ended in his comments as well. They will "discuss" if a lessening of the 75 bps is needed in December, but they have some "ground to cover".