First-quarter inflation won't trigger a near-term rate hike. But the bank's statement on monetary policy in May will reinforce their inclination to raise rates, maybe even harden it up a little.
I think he's made a fairly obvious point that the next move in rates is more likely to be up than down, but certainly there is no near-term trigger for that.
The latest IMM data showed that the speculative community posted a net long U.S. dollar position for the third week in a row, with most of the gain coming at the expense of the pound.
The employment growth was slightly higher than anticipated, so it's a slight pleasant surprise.
We expect firm profit growth to support the equity market.