Markets moved sharply during Jerome Powell’s press conference following the Fed’s decision to keep rates on hold. It stemmed from his comments that, whilst inflation was lower than their target, it was expected to be only transitory. As Phil Dobbie discusses with NAB’s Gavin Friend, that saw the dollar bounce back, equities slide and 10 year yields move sharply upwards. So why are the markets so sensitive? We can expect less volatility when the Bank of England meets later, but could a Brexit deal be close?