Fed Chair Channels Dovishness from March Decision

Next 24 hours: Fed Chair Channels Dovishness from March Decision

Tuesday was all about positioning for and reacting to Janet Yellen. The market was unsure whether the Fed Chair would channel the dovishness from the March FOMC decision or defer to the more recent slew of hawkish Fed comments. In the end, Yellen did not disappoint doves, expressing more caution than anything else.

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