One thing appears certain, among everything else, is that the relationship between the Federal Reserve, and the US Treasury is likely to be much more harmonious than the last one, with Janet Yellen, Jerome Powell’s predecessor at the helm. That doesn’t look likely at the moment, even accounting for the improvement in the most recent ISM surveys. While the headline numbers have been positive it is notable the employment components haven’t been anywhere near as positive, suggesting the US labour market still needs support. As such we can probably expect Fed chair Jay Powell to reinforce this dovish message, and in so doing help to push US 10-year yields back below 1%, where they were when the Fed last met. If he were to do this while also not being overly negative about the US economy this in turn should be supportive for stocks in general, with no changes in policy expected.