Today we look at the market reaction to US President Biden giving Fed Chair Powell teh nod for a second term, while promoting Lael Brainard to Vice Chair. The most interesting reactions were in the US yield curve as a faster pace of Fed tightening was priced in for next year, but also in the US equity market, which experienced a climax reversal back lower after an initial surge higher in the wake of the Powell nomination news. Elsewhere, oil set for an interesting test as Biden may be set to announce a release . And in sovereign bond markets, besides the US treasury focus after the news yesterday, focus is also on Europe as we may be set for a German government coalition announcement as Italian risks also weigh on President Mattarella’s imminent resignation. Today’s pod features Althea Spinozzi on fixed income, Peter Garnry on equities, Ole Hansen on fixed income and John J. Hardy hosting and on FX.