Well that upset the market...

Given the market's expectations for 4 rate cuts and more if it really wants, Fed Chair Powell just stole the jam out of the market's donut by saying this was a "mid-cycle adjustment" confirming that this is "not the start of an easing cycle."

Stocks tumbled....

This presser marks the 10th time out of 12 that S&P has dropped during Powell presser. Not a great record.

And the yield curve crashed...

And the dollar surged to its highest since My 2017...

Stocks down and dollar up - Trump won't be happy!!