The dovish momentum of last week is starting to see some pushback. Supply and a likely still too hot core-PCE reading looming on Friday can justify it. But they were well flagged and the consensus for the PCE sits relatively firm. It is likely that market conditions ahead of Easter and a long month-end are behind some of the market movement. US directional update post the FOMC and pre the next batches of inflation The 20 March FOMC outcome allowed the market to worry less on the January and February inflation readings that had been a tad too hot for comfort. They tended to cluster in the 0.3% month-on-month to 0.4% ... (full story)