USD Spikes As Powell Nomination Sparks Hawkish Rate-Hike Odds Shift

The dollar index has spiked following President Biden’s decision to re-nominate Jay Powell to run The Fed, as opposed to the more-dovishly-perceived Lael Brainard.

The decision has also sparked a notably hawkish jump in STIRs, shifting the market’s expectations for a first rate-hike from July 2022 to June 2022…

And while stocks knee-jerk reaction was higher on “continuity”, they are fading as the hawkish shift in rates is perceived…

Get back to work Mr.Powell! The Dems need their scapegoat.