MBCC TH 1st Feb'24 - "Why is the market so scared to breach < 4800-4850? Why are Bonds rallying when they should be falling? What did Powell really say?"

A lot to digest over the last 24 hours especially with more and more CRE and bank losses hitting the tape with US regional banks, one down 40%. Now that Yellen has announced her QRA and we know the bond supply for next few months, what does this mean for Fed liquidity and BTFP and net injection?

What are equities pricing in and most importantly where can Bonds go?