Impressive bids have emerged in stocks and the front-end of the Treasury curve.
I wrote earlier who dovish comments from Waller could turn around the market but buyers haven't even waited for the headlines. Waller is set to speak at the top of the hour.
US 2-year yields are still up 3 bps on the day but have fallen to 4.16% from a high of 4.22%.
The S&P 500 is now down just 2 points to 4781 after falling as much as 32 points. The Nasdaq is slightly positive with chipmakers leading the charge.
The soft Empire Fed might have added some confidence that a Fed pivot is coming but the price action also follows a pattern from a market that's increasingly sure that inflation is going back to a 2010s style regime.
