Citi flags some hawkish risks from Fed Powell speech in Washington this afternoon (12pm ET)

"We see hawkish risks from Fed Chair Powell following the payrolls beat on Friday. Less focus will be on Fed’s Barr, who will discuss Financial Inclusion at 19:00 GMT. CitiFX Strategy reminds that Powell maintained full optionality," Citi notes. 

"Overall, the FOMC and the data points to the status quo as of the December SEP (a la peak Fed funds rate of 5.1% in May), but we suspect the next set of data (including January CPI) probably point to hawkish risks relative to the base case," Citi adds.