MBCC TH 15th Nov'24 - "Powell finally stands up to the market, Bonds/FX knew this, reality check in Equities land?"

For the past 1.5 month, Equities have been on a tear since Powell pre-emptively cut 50bps in September, when the data only looked weaker over the summer which caused them to panic despite the Hurricane/seasonality. Since then Bonds have been on a one way street, lower, as yields have squeezed to highs as market was convinced that the Fed is about to lose control of the Bond market…

What happenned last night? What does it mean and what do you trade?