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7/15/2021 5:35:00 AM GMT Federal Reserve Chairman steadied the post-US-inflation ship overnight, reiterating that virus-disrupted price increases among the CPI components would ease in the coming months. Regarding the labour market, Mr Powell felt that when holidays finished, schools reopened, and federal unemployment benefits rolled off, labour market pressures would alleviate. In other words, the Federal Reserve remains with its tent firmly pitched in the transitory inflation camp, and that the FOMC were still far away from meeting the conditions to begin tapering monetary stimulus. Bond yields, which had only grudgingly moved higher post the US inflation data, quickly retraced those rises overnight, precious metals rose, and the US Dollar retraced some of its previous days gains. The biggest sigh of relief was probably heard around Asia, where the threat of a divergence in the direction of monetary policy would have weighed heavily.

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