Powell Quells Market's Taper Tantrum - for now

Fed Chair Powell's prepared remarks ahead of his testimony before the House Financial Services Committee today at 12:00pm have been released and they served as rocket fuel to S&P futures which surged to new all time highs after the central bank head said that "monetary policy will continue to deliver powerful support to the economy until the recovery is complete" which apparently won't be for a long time as the jobs market is still "a ways off" from the "substantial further progress" needed to begin bond-buying taper. Just as importantly, while Powell did concede that inflation is "likely to remain elevated in coming months before moderating" adding that expectations are broadly consistent with the Fed target.