Market Response and Upcoming Powell Speechđ¤
10y yields feel 15bp from the post-NFP highs, and SPX futures rose +3.5% from the interim lows, as investors rushed to short-cover and went long in short-dated bonds on the apparent turn in Fed policy. Powell is due to speak at the NY Economic Club on October 19th, and a further confirmation of the dovish turn might usher in a new bull steepening narrative phase.
