⚡It all relies on verbal management of expectations! After Powell's ally Williams repeatedly delivered dovish remarks, the market's expectations for a rate cut in December have completely reversed—

Just a week ago, the lowest expectation was only 29%, and now it has returned to 82.9%.

The market firmly believes this is a test from Powell to gauge the market! This week's data is also leaning in this direction.

Additionally, a client survey conducted by JPMorgan shows that investors' net long positions in U.S. Treasuries have risen to the highest level in about fifteen years.

In other words, in the face of persistently high yields, if the Federal Reserve does not actively lower rates through QE, arbitrage trading could collapse the entire system.

It seems that the Federal Reserve has nowhere to retreat?

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