With so many other narratives driving markets one might assume that the impact of Fed commentary could get drowned out. It is not.

The change in forward looking US rate expectations over the past twelve-weeks still correlates well with changes in our hawkish/dovish indicator.

The level of that indicator is still consistent with Fed easing and it has become more dovish in the past few weeks highlighting the importance of the commentary that will follow of the March FOMC for the sustainability of recent market moves in rates and the USD.