Powell: RATES MAY NOT NEED TO RISE AS HIGH GIVEN CREDIT STRESS

11:23 p.m. ET

The Dollar dropped sharply as did yields on this comment. Stocks were coming down before that, but this should lend support, at least until the next comment.

U.S. Dollar Index (1m) dropping on Powell’s comment DOVISH.

2-year UST futures (1m) jumping on the comment.

I’m not sure where the 2-year yield was at the moment before, but last time I looked it was up 5 to 6 basis points, now after this move it’s down -3 bp. DOVISH.

Meanwhile, the S&P which had been pulling back before the comment, is sitting right around $4200.

I expect more volatility on comments, but thus far, dovish and that should help stocks if it sticks.