A second day of testimony from Chair Powell remains. This time he is due in the Senate, where much the same prepared remarks as yesterday will be delivered. The subsequent Q&A might veer into uncharted territory however, and may yet trigger further volatility. US CPI data is also on tap, but it seems like only a very dramatic deviation from baseline forecasts could dislodge the established Fed policy bias. A monthly report from OPEC might not sound especially rosy – highlighting softer demand prospects along with record-setting US output – but that might not weigh too much on crude oil. The narrative is a familiar ... (full story)