Stock market today rallied after Jerome Powell's comments and Central Bank activity. "This is a market relief rally after a 3 week decline. The stock market has priced in inflation and interest rates concerns. The Federal Reserve is concerned about the entrenchment of inflation and will maintain a hawkish stance. The Fed is behind the curve in the bond market today. There is weakness in the housing market, consumer discretionary, and automobile sales," says George Tsilis. Bank of Canada, European Central Bank, and Reserve Bank of Australia all raised interest rates. Inflation is impacting consumers and producers globally. Is there a convergence of Western economies' monetary policies? Ben Lichtenstein also weighs in on the U.S. Dollar price action.