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

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 …