November 28 2018, the "Powell Put" is born

Federal Reserve Chair Powell spoke (US time), back tracked on his 'long way from neutral' (on interest rates):

• Powell turns dove, markets roar and US dollar sinks

SocGen said on the speech:

• Powell's speech was read by markets as dovish, but we view it as simply an opportunity to correct his rookie mistake from several weeks ago (i.e "long way" from neutral)

But I like Bank of Montreal's take:

• the Powell put is born

BoM referring to Powell's born-again data dependence (turning weaker), and that

• the Fed will slow its hikes or pause if financial markets freak out

Pump it Jay …