There were reasons aplenty to see rates and the USD
higher. Jan CPI was much firmer than expected, Philly Fed outlook was the
highest in 33 years. Fed Yellen was decidedly hawkish along with Lacker
(non-voter) and Fischer. To be clear, the Fed Chair seems a lot less
cautious than how she sounded in the past two years. Still, market
players remained stubbornly unconvinced that the Fed is going to move in
Mar with the fed funds future pricing in only 36% of a move next month.
With the DXY...