Hawkish Fedspeak weighed on risk sentiment, the S&P500 down 0.8%, and the AUD slightly lower.

Fed chair Powell’s comments were no more hawkish than last week’s, causing a short-lived reaction in bond yields and the US dollar (lower) and equities (higher). Currently, the S&P500 is up 0.6%.

The reaction to Friday’s strong US jobs data extended further, rekindling Fed rate hike expectations. Bond yields and the US dollar are higher, while the S&P500 is down 0.5%.

The ECB and BoE both hiked by 50bp, but markets interpreted their cycles are near an end. Bond yields fell and the US dollar rose. The S&P500 is up 0.9%.

The US Federal Reserve raised its policy rate by 25bp to 4.6%, as was expected, and signalled “a couple more rate hikes” before pausing. Bond yields and the US dollar fell in response, while the S&P500 pared earlier losses to be up 0.8%. Prior to the Fed decision, US economic data was mixed, leaving equities, bond yields and the US dollar slightly lower.

Cooler US economic data helped lift equities, the S&P500 up 1.0%. The US dollar and bond yields fell slightly.

Risk sentiment soured, the S&P500 down 0.9%, despite little major news of note. The defensive US dollar and bond yields rose slightly.

Risk sentiment remained modestly upbeat, the S&P500 closing up 0.3%. Currencies were contained, while bond yields rose and fell for little net change.

US economic data was solid, helping equity sentiment, the S&P500 up 0.6%. The US dollar and bond yields rose slightly.

Equity sentiment continued to falter, the S&P500 down 0.3%. Currencies and bond yields were mixed. The Bank of Canada hiked but signalled a pause.