Yesterday Powell spoke. And again: nothing.

We expected: — A clear signal for a rate cut

— Acknowledgment that the economy is declining

— Movement

We got: — "We are monitoring the data"

— "The labor market is strong"

— "Inflation may rise"

— And more blah blah

Market: — In a slight stupor

— S&P hasn't recovered

— Crypto is frozen

— DXY is holding on to fear

Conclusion: Powell did not provide clarity = the market remains turbulent

No decisions — means more nerves, more volatility

Rates will be cut — but not because they want to, but because they will be forced to

Now the market is deciding for itself, while the Fed is lagging behind.