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Some curious facts from Deutsche Bank: Powell has now presided over 24 FOMCs and on average the S&P 500 has been -0.15% (15 out of the 24 were down days) lower on decision day – though this is heavily weighted by his first 7 meetings, which saw equities slip back when the Fed started its small hiking cycle in 2018. In terms of 10 year yields they have been -3.0bps lower on average with a median of -1.6bps (16 out 24 down in yield) on Powell FOMC days. To put this in perspective the S&P 500 is up +49.5% since his tenure begun in February 2018 and 10yr yields are down -108.8bps.

Just because the Fed is staying put doesn’t mean that mortgage rates, and prices of MBS, are staying put as well, writes Vice Capital Markets Principal Chris Bennett

- - Synairgen [SNG.UK] +23% (trial update) - Speakers - EU chief negotiator Barnier stated in EU Parliament that the moment of truth for Brexit was here; possibility of a deal remained but time was short and obstacles for an agreement remained large. Had to be prepared for all scenarios - - - BOJ Gov Kuroda post rate decision press conference reiterated stance that downward pressure on prices will last for a while; no plan to change 2% inflation target and did not see risk of economy falling back into deflation again. Reiterated view that CPI to remain below 0% for time being. Aimed for ...