Jerome Powell sworn in as 16th Fed chairman

Jerome Powell takes the oath during a swearing-in ceremony

Still, analysts said sentiment towards bond markets was likely to remain bearish especially as investors ratchet up expectations for U.S. rate rises this year.

Japan's Nikkei stock average dropped more than 6 percent in early afternoon trading, after falling 2.5 percent a day earlier. "That certainly adds some increased volatility for market participants". "It wouldn't be a surprise... particularly when the market has grown as strong as it has for as long as it has".

German 10-year Bund yields fell 2 bps to 0.74 percent, off nearly 2-1/2 year highs of 0.774 percent hit in early trade. It's not even a proxy for the economy.

"You can't make too much out of a couple of days of craziness", Yardeni said. The recent jobs reports have shown that not only is the labor market very strong, but wage increases are also finally starting to pick up steam. The increased federal borrowing could force up the yield on the 10-year Treasury note, which would increase borrowing costs for mortgages, cars and other items. There have been only four corrections in this long bull market, and this would be the fifth. That expectation has since risen to a still-mild 2.1 percent. There are still hundreds of millions of people in China and India who may soon move to cities and work for lower wages. "And that's a good thing, not a bad thing".

A separate government measure of hourly wages, which excludes managers and supervisors, rose just 2.4 percent in the past year, about the same sluggish pace as before.

The Congressional Budget Office estimates that the legislation could increase the deficit by more than $1.4 trillion over the next decade. In response, Wells Fargo announced that it would be replacing four directors by the end of the year.

Conor McGregor & Floyd Mayweather in Preliminary Talks for MMA Bout
Fans on both sides seemed pretty excited at the prospect of Mayweather stepping into the octagon to fight the Notorious. Mayweather cooled that news down , telling the press "Just because I said I could, doesn't mean I would".

Girl Scout sells cookies in front of a weed dispensary
Indeed, the munchies are perhaps one reason that Scouts are seeing such success when selling cookies outside of pot shops. Girl Scouts USA has sent cease-and-desist letters to several dispensaries that sell the strain.

More snow and ice on the way tonight
In fact, the snow and ice isn't expected to clear up until March. "Showers more frequent in the west and north of the country". Heavy snow showers are expected to hit the United Kingdom tonight after a day of rain, sleet and snow, the Met Office has said.

Jerome "Jay" Powell, the Republican former investment banker tapped by President Donald Trump to lead the US Federal Reserve, will take the reins of monetary policy starting today.

The U.S. dollar has fallen in value compared with overseas currencies.

During an appearance on CNBC's Power Lunch, veteran banking analyst Dick Bove downplayed the impact of the Fed's actions, saying, "There will be no reduction in the ability of this company to lend money, take in deposits, or operate the way they have historically".

The edifice of global asset prices rests on one core assumption: that U.S. inflation will remain beautifully-behaved, allowing the Federal Reserve to keep holding interest rate at abnormally low levels and suppress the world cost of borrowing.

So since 2011, the committee has only announced rate changes at one of the quarterly meetings that include press conferences by the Fed chair.

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