Powell’s remarks were “completely consistent”

with the message of being “data dependent.”

New information has definitely been that the economy has reaccelerated, or the pace of deceleration has slowed down. I think he had no choice but to flag that 50 basis point was back on the table, so I am surprised that the market was surprised,”

The policy-sensitive two-year Treasury yield TMUBMUSD02Y, 5.014% finished above 5% on Tuesday afternoon

Indeed, Powell said that there are “two or three very important data releases to analyze” before the time of the March meeting. The NFP Job report this Friday is one of them.

If we have a bad NFP report, we might see SPX to 4030+ again.