With Powell's Hawkish Conference Now Consensus, This Is What JPM, Goldman Trading Desks Are Seeing

With markets on edge ahead of tomorrow's FOMC, stocks have caught a modest bid this morning reversing the overnight slump in futures, courtesy of an Employment Cost Index print that came in just below expectations, which prompted Pantheon Macro to declare that it is raising the chance of no hike in March to 70% from 60% as “Chair Powell’s oft-expressed fear of the risk of a wage-price spiral is no longer realistic."

But will this data point be enough to reverse the recent downward momentum which wiped out the gains from the end of last week?