I'm having a hard time seeing any big changes from Powell's press conference and the FOMC today. If anything, the big one is that officials are getting back on Team Transitory around tariffs. There was a risk they could have shifted to a hawkish stance on higher inflation but that didn't unfold.
That said, Powell repeatedly highlighted how much uncertainty is out there so I think the data is going to be much more important than the messaging.
For now, the FOMC moves are unwinding with the S&P 500 down to +60 from a high of +100.
In line with the move in stocks, the US dollar has rebounded somewhat.
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