We asked yesterday “can the FOMC really be comfortable with very loose financial conditions?” Apparently so. Powell turned in one of his most dovish performances ever. The markets, already primed for a breakout, celebrated with a very definitive breakout.
Whether intentional or not, Powell turned dovish on the day that ES completed a golden cross (the 50-day moving average passed above the 200-day.) It can’t help but further inflame a market already on fire. If they can keep the VIX beatdown going, it might even last.
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