Apart from Monday, which had no meaningful econ data, today was the best candidate for an uneventful day on what is otherwise an important data week.  The scheduled econ data was light and of lesser importance compared to surrounding days.  Powell's congressional testimony was on "day 2" (thus lowering surprise potential).  The only real wildcard risk was the ECB announcement, mostly due to any forward guidance clues in the press conference.  While bonds did enjoy a brief, positive reaction to ECB and 8:30am econ data, it was erased fairly quickly, and well before Powell began speaking.  That means today is fulfilling its "placeholder" destiny perfectly so far.

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