Yellen’s neutrality sufficient for dollar bulls

Market reactions are driven by not only the outcome of a data release, report officials' remarks, but particularly by the prevailing expectations leading to these events. Thus, none of Yellen's balanced remarks would have particularly been hawkish or positive for yields and the US dollar, had it not been for the predominant expectations for a dovish speech. Yellen's remarks provided a boost for the dollar, without dragging down equities. Full piece & charts.

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