Powell coming in an hour
USD/JPY has slipped back to 110.03 from 110.20 a short time ago. The move is in-line with a slip in Treasury yields in the past few minutes.
The PCE report showed that prices might be cresting, or at least they will relieve some of the pressure on the Fed to rush the taper.
Alternatively, some repositioning may be ongoing ahead of Powell's speech. Before he talks we're expecting to hear from Mester at the top of the hour, or just after. We've heard from most of the hawks today but she's more of a centrist and may offer some good clues on what the bulk of the FOMC thinks, particularly regarding the effects of delta.
Meanwhile, twitter is down so fintwit will be flying blind until that's resolved.
