Brainard Pours Cold Water on Hawks

Hopes of additional Fed funds rate hike fade as Governor Lael Brainard delivered a dovish speech. US equities and bonds rebounded on anticipations of lower chance of monetary tightening in the near term. Wall Street gained with DJIA and S&P 500 indices adding +1.32% and +1.47% respectively. Treasuries rose on Monday with 2-year yields losing -2 points to 0.778% and 10-year yields down -1 point to 1.67%.