And to think it was less than a year ago when a demonically hawkish Jerome Powell triggered what would end up being a brutal tech bear market, when during his 2022 improvised Jackson Hole speech, the Fed chair warned pain, fire and brimstone was coming. Well, what a difference a year makes: after a neutral FOMC statement which said nothing besides informing the public of a 25bps rate hike and keeping most of the language from the June statement in line, the S&P 500 reversed earlier modest losses to spike to a session high after Powell said that "there was disinflation", and that inflation was a little better than ... (full story)