The dollar index has spiked following President Biden's decision to re-nominate Jay Powell to run The Fed, as opposed to the more-dovishly-perceived Lael Brainard.
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The decision has also sparked a notably hawkish jump in STIRs, shifting the market's expectations for a first rate-hike from July 2022 to June 2022...
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These are the highest level for 'hawkishness' in this cycle...
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And while stocks knee-jerk reaction was higher on "continuity", they are fading as the hawkish shift in rates is perceived...
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Get back to work Mr.Powell! The Dems need their scapegoat.
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