Two headlines hit markets:
- Powell says he doesn't rule out hiking at every meeting
- "Quite a bit of room to raise rates without hurting jobs"
If he didn't want to upset the market, this is an odd communications strategy to undertake. It sends the message he doesn't care about the stock market tumbling and that's exactly what it's doing, giving back all the gains.
By the same token, yields have moved up substantially and the US dollar is running.