It's hard to overstate the market impact of Tuesday's hawkish congressional testimony from Federal Reserve Chair Jerome Powell - and if he didn't intend that to happen, he's got one more chance to calm the horses.
Even though Powell reprises the testimony and Q&A session to the House on Wednesday - an opportunity Fed chairs have sometimes used in the past to lean back against excessive market reactions - investors didn't seem inclined to take deep breaths or wait for fresh nuance. The frenetic activity saw the measure of implied Treasury market volatility jump to its highest level this year.
Against that backdrop, the relative resilience of the stock market remains impressive. Although Wall St benchmarks lost more than 1 per cent each on Tuesday, world stocks were more contained, and U.S. futures held steady.
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