Rate cut, albeit not a consensus, plus QT to end soon.
That is dovish.
Yesterday, Steve Liesman suggested that Powell thinks he’s a better communicator than he really is.
There was no need for that market volatility yesterday. Powell said shit, then had to walk it back.
Folks just want the Dove and the punchbowl.
The algos control the big ETFs (?), and they went nuts, but the Fed’s owners (banks) remained “relatively” stable.
Banks, YTD, %, daily