1 December 2021 - Powell Gets Hawkish | Refining NZ Global markets were lower overnight, US markets (S&P500 -1.9%) after Federal Reserve Chair Jerome Powell weighed an earlier end to bond tapering and Moderna's CEO predicted existing vaccines will struggle with Omicron.  Federal Reserve Chair Powell acknowledged that inflation may be more than transitory and pointed to a potential tightening of monetary policy, reducing the pace of monthly bond purchase at a quicker rate than the $15 billion-a-month schedule announced early November – now that the economy is in a strong position, shifting the Fed's focus to combat inflation.  Fuelling the decline, Moderna CEO Stephane Bancel said that he expects existing vaccines to be less effective against the new variant. This resulted in harsh selling across the board, with telecommunications, materials and industrial sectors hardest hit. European Markets (Stoxx 600 index...