US yields move higher
Fed's Powell admits that it is time to retire the term "transitory" for inflation. The dollar moved higher on the comment. Stocks dip and US yields move higher (although still lower)
- NASDAQ index -32 points
- 10 year yield up to 1.453% from 1.412% low. Two year 0.496% up from 0.441%
- USDJPY moves up from 112.524 to 113.336
Market moving comments from Powell:
- it's a good time to retire "transitory" for inflation
- very surprising that labor force participation has moved sideways
- a big part of flat labor force participation rate is the pandemic
- it will take longer to get labor force participation back
- risk of higher inflation is a risk to getting back to full employment
