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Powell hawkish on FOMC as he saw little progress on jobs, inflation and housing... but roadmap to dovish "pause" remains same and likely

In the 36 hours since the November FOMC meeting, stocks are down -3.5% and bond yields are up with 10-year up 8bp to 4.13%. But these moves in prices do not reflect a far gloomier surge in investor sentiment.

The official FOMC statement made a "dovish" modification noting the committee will take into account "cumulative tightening" and "lag" and "economic and financial developments"But Powell in the press conference spoke far more hawkishly and noted several times "it's premature to discuss...

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