Australia's astonishing employment recovery

But first, the obligatory FOMC recap.

Powell stuck to the script last night as expected.

Forecasts acknowledged the potential for strong economic growth and some inflation above 2%...

The dots are just for show, employment is the focus, and they will definitely signal well in advance when the time to taper is coming...

There is still a lot of internal uncertainty over their projections (which these charts from TD Securities highlight):

The 'all important' median dot hasn't moved...

Nothing in the press conference to suggest that the moves in longer-term yields are unwarranted (or a concern).

Also, nothing to suggest

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