Fed Chairman Powell’s speaking engagement yesterday afternoon did give us a couple of relevant tidbits, but one particularly caused a negative reaction in bonds. He indicated that there was broad support for .500 increases to key short-term interest rates at the next two FOMC meetings. He noted that there is concern about the impact the Russia/Ukraine war and China covid shutdown will have on the global economy. However, the markets took his words to mean there is a high probability of seeing the half point moves mid-June and late July. As a sign the Fed is worried about strong inflation, bonds started selling and some lenders revised rates higher before closing.