 Dollar spiked lower overnight after quickly stabilized, as supported by surge in treasury yields. Fed Chair Jerome Powell announced that adoption of "average inflation targeting". That goes beyond the "symmetric" targeting, and allows inflation to overshoot to average out at 2% over time. While there was some initial jitters after Powell noted the overshoot would be "moderate", traders eventually made up their mind in pushing yields higher. Suggested readings on Fed: Yen tumbled broadly and sharply as a result of the strong rally in yields. However, it's rebounding in Asia afternoon. Japanese markets turn into risk aversion mode on rumors that Prime Minister Shinzo Abe is going to resign on health issue. We'll see how the overall situation unveil later in the day. | 
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