Solid Response to Data and Dovishness

Solid Response to Data and Dovishness

The morning commentary focused more on the relatively dovish tone struck by Powell in today’s congressional testimony. To be clear, we wouldn’t say it was dovish in an outright sense, but when compared to last week’s press conference, it left more hope for fans of low rates. A separate development at the same time which deserves more attention is today’s labor differential in the Consumer Confidence Index. It suggests…