美联储主席依然鸽🐦，然而债券市场不给美联储主席面子。Fed Chair Powell said “before the pandemic hit, we were very close to those goals” of maximum employment and 2% inflation. The Fed is still “a long way” from its goals, he said. That’s an interesting line from Powell, because it suggests they weren’t all the way there even before the pandemic hit. That could indicate that even once we’re back to pre-pandemic employment levels, the Fed may not be ready to declare mission accomplished.The 10-year Treasury yield is extending its break above 1.52%, revealing the high bar for disappointment with markets craving clarity from Powell on recent rates volatility. He echoed comments from Lael Brainard, that the recent moves caught his attention. And noted that the Fed will use tools “if conditions change materially”. But with still “some time” to make substantial further progress, the Fed isn’t pushing back. That likely gives the green light for the long-end selloff to extend.