#PowellRemarks

**#PowellRemarks**, tailored like something you'd see from a desk strategist or in a trader’s chat:

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**#PowellRemarks — Trading Note | April 17, 2025**

**Tone:** Cautiously hawkish

**Key Takeaways:**

- Powell acknowledged recent disinflation progress but emphasized it's “not yet sufficient” to justify cuts.

- Stressed the need for “greater confidence” inflation is moving sustainably toward 2%.

- Labor market described as “cooling, but still resilient.”

- No commitment to June cut; “data-dependent” remains the key theme.

**Market Reaction (Initial):**

- **USD** firmed across the board, DXY up ~0.4%

- **USTs** bear steepening: 2s +6bps, 10s +3bps

- **Equities** faded highs, SPX -0.3% intraday

- **Gold** dipped, crypto mixed

**Desk View:**

This wasn't a pivot. Powell pushed back gently on dovish pricing without sounding alarmist. June still in play but no guarantees. Watch PCE and NFP. Risk assets may tread water until clearer signals emerge.

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