“She didn’t say anything that the market wanted to know about Fed policy,” Marc Chandler, chief global currency strategist at Brown Brothers Harriman & Co., told Reuters. “It’s seen the 10-year yield slip and has seen the dollar weaken. It was not that she said anything bullish for foreign currencies; it was that she didn’t say anything positive for the U.S.”
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The broad U.S. markets continued to push higher Friday after the remarks. However, the technology sector was lagging behind after Broadcom (NasdaqGS: AVGO) reported lackluster results.
Further supporting the bullish sentiment, there were reports that said U.S. President Donald Trump will put more focus on fulfilling campaign promises of implementing tax reform. National Economic Council Director Gary Cohn told the Financial Times that starting next week Trump is going to tackle tax reform.
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