Powell's speech this morning is a mixed bag for exchanges w/exposure to interest rates. Positives: Low rates mean more debt issuance & more debt means more assets to hedge w/futures Negatives: Low rates forever mean no real need to hedge, unless yields go negative
Tradeweb & CME still have headwinds w/exposure to futures & spot Treasury markets. ICE has headwinds on the futures side but w/Ellie Mae low rates boosts mortgage activity. S&P Global & Moody's will keep rolling in the issuance dough.