How the blowout jobs report may influence the Fed, markets

Fed chair Jerome Powell in a 2019 appearance before the Economic Club of Washington. Photo: Saul Loeb/AFP via Getty Images.Fed Chair Jerome Powell acknowledged that a "disinflationary process" was underway, which markets seized on as reason to believe rates won't get hiked by as much as some previously thought.By the numbers:

The yield on two-year Treasury securities was up a whopping 0.17 percentage points this morning, reflecting expectations that the central bank will push rates higher for longer than seemed likely before the jobs numbers. The odds the Fed will raise rates at its May policy meeting rose from 30% yesterday to 55%, according to calculations based on futures prices from theOn Tuesday, Powell will appear at the Economic Club of Washington, where he can tweak his messaging, and convey whether the jobs numbers shifted the policy outlook as much as markets imply.

He is not scheduled to deliver prepared remarks at the event, but rather will be interviewed on stage. Powell is no stranger to using the Q&A format to signal a shifting policy stance, as Neil hasThe Fed often emphasizes the importance of not placing too much weight on any single data release. But this was a hard one to

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