The Powell prepared text headlines sent:

  • The dollar lower.
  • It reversed pre-market stocks from being down (S&P was down about 8-9 points) to up.
  • It sent yields on US treasuries lower with the short end leading the way (yield curve steepening). The 2 year was at 1.919% at the start of the NY session. It is down at 1.82% now.
  • Gold moved from negative to positive (gold is up over $20 near the end of the trading day)
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