An ugly Philly Fed Services print was offset by soaring existing home sales data (thanks to a brief drop in mortgage rates), but risk appetites continued to grow today with stocks up and bonds down (in price) ahead of tomorrow's big day for Powell. Of course Yellen said "s'all good" about the US financial system, you'll forgive us for not taking her word for it... First Republic screamed over 50% higher at today's peak (which had some technical relevance) {chart} Regional Banks jumped 5% today, up to the upper band of the recent range... {chart} Most notably, rate-hike odds soared today with a 25bps hike tomorrow ... (full story)