No trace at one thing extra hawkish right here:

‘Cautiously optimistic’ inflation will fall with out job market injury
Fed coverage actions have helped deliver inflation pressures down, helped anchor inflation expectations
economic system seems to have dodged a wage-price spiral
Inflation pressures have cooled considerably
Fed has confronted much less of a commerce off between inflation and jobs
Staff and employers are higher at discovering one another now
Items and labor shortages have declined

There’s not a hawkish phrase right here regardless of the upper inflation information in January. I used to be fearful this morning after Barkin that we might see one thing of a coordinated push from Fed officers to warn that charges might keep larger for longer. As a substitute we get this and yields have crumbled.

This text was written by Adam Button at www.forexlive.com.