S&P 500 refused a panicky decline into Powell‘s speech, and swiftly recovered on no fresh hawkish clues. Market breadth improved, and the sellers weren‘t falling over themselves. 3,910 held, and there were no tests of the bottom border of the support zone at 3,895. While real assets didn‘t spurt to the upside yesterday, they‘re likely to catch up today and tomorrow. Q4 2022 hedge fund letters, conferences and more Tomorrow, because after initial turbulence over CPI (and especially core CPI!) not declining as fast as the market (and the central bank!) wishes with regard to Fed pivot dreams, I t…

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