Fed Governor Lael Brainard’s speech on Monday supported the view that the U.S. Federal Reserve would leave interest rates unchanged next week, a note which helped global markets rebound off their recent lows.

“Today’s new normal counsels prudence in the removal of policy accommodation,” Brainard told the Chicago Council on Global Affairs yesterday. Though she remained tight-lipped bout when the expected rate hike may come, she did mention that the U.S. labor market isn’t yet running at full capacity, which means that “the case to tighten policy preemptively is less compelling.”

The Market’s Quick Reply

U.S. markets responded positively to Brainard’s comments, with the S&P 500 index rallying nearly 1.5 percent on Monday, its best day since early July. Last Friday the index had fallen 2.45 percent, its worst day since the Brexit announcement. Asian stocks followed during Tuesday’s session with the MSCI index gaining 0.6 percent. Hong Kong’s Hang Seng .HSI gained 1.1 percent while Shanghai’s .SSEC remained flat.

The dollar slipped 0.3 percent to 101.580 yen while the euro traded slightly higher at $1.1238. Crude oil prices also dipped as traders sold off the prior day’s gains. Brent crude traded at $48 per barrel on Tuesday.

Despite the recent volatility in most markets a quieter session may be ahead today as traders wait patiently for Thursday’s release of U.S. retail data. There will be no more comments from the Fed before their highly-anticipated meeting next week.