Good morning from the Financial Times. Today is Friday, March 5th, and this is your FT News Briefing.

We hope you like Markets because this show is going to be all about them.

First Federal Reserve Chairman Jay Powell spooked equities and bond markets with Comitty Man on Thursday.

Oil markets reacted to a decision by OPEC and its oil producing allies, and we'll talk with the FT's Markets Editor,

about the UK's effort to stay relevant in global markets with a proposal to attract more companies to list on the London Stock Exchange.

I'm Mark Filipino, and here's the news you need to start your day.

Federal Reserve Chairman Jay Powell yesterday vowed to keep monetary policy steady,

even as the economy improves from the pandemic, and inflation begins to rise.

His comments triggered a sell-off in long-term US Treasury debt and equities.

But Powell wasn't really saying anything new.

Help me figure out the market's response. I'm joined by the FT's US Capital Markets Correspondent, Colby Smith.

Why this reaction to comments that were really similar to things Powell said before?

Yeah, no, he really didn't say anything different,

but the backdrop for financial markets has changed quite a lot since he spoke last week.

Over the past few days or so, we've seen a pretty sizable spike in Treasury yields and US borrowing costs more broadly,

and I think the big concern there is that these types of moves are going to become destabilizing to a certain extent,

and we've already seen some pressure on equity prices.

So against this backdrop, I think investors were hoping for some explicit pushback against these interest rate moves.

He didn't really give that assurance. I mean, he did say if things get disorderly,

they have the tools at their disposal to do something.

But again, I think investors were just hoping for something a bit more specific from the Chairman.

Shifting gears a bit to the fiscal side.

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