Today's slide deck: https://bit.ly/3xca1On  -

Today we look unpack the modest changes to the July FOMC monetary policy statement last night that elicited a fleeting sell-off in US treasuries and boost to the USD before that move was reversed. We also ask whether there were more interesting takeaways from the Fed Chair Powell press conference than the market reaction seemed to suggest. Finally we assess the market reaction to last night's meeting and what we are looking for from here, particularly as some of Fed Chair Powell's comments on inflation and incoming data could mean a highly reactive market around coming Fed speakers and labor-market data. Today's pod features Althea Spinozzi on fixed income and is hosted by John J. Hardy.

Intro and outro music by AShamaluevMusic