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“Markets seem to be pricing in the very worst outcome and I’m not sure that’s warranted,” St. Louis Federal Reserve bank president James Bullard (non-voter) argued on Friday.

Commenting on the strong labour market data, which showed an increase of 273K in Nonfarm Payrolls in February, “jobs report shows the economy was in good shape in February,” Bullard said. “If we get control of the virus, everything will return to the very strong economy we had earlier this year.”

Market reaction

The US Dollar Index has recovered modestly in the last hour and was last seen at 96.12, still down 0.5% on a daily basis.