Chairman Powell is affecting interest rates this morning as he answers questions about the Fed's management of inflation through interest rates and Feb balance sheet tightening. After an initial spike to 4.005% the 10 Year Yield has come back down under 4.0% and seems to be stabilizing. There are more questions to come today, and again tomorrow in front of another congressional committee. If this rate takes out this morning's high, look out below equity markets. US 10 Year Yield SPY - Hourly Or maybe its "look out below" no matter what Powell says. Taking out Minor Wave 1 (SPY 390) will certainly bring Primary Wave (1) low (SPY 350) into market sights...and fast. IYR - Sell < $85 Still Pending
