Rally post-Powell solidifies investors need to grab "bull market playbook" (in place since Oct 12, 2022). Look at the absolute monster rally in high-yield.

Since the "hot" Jan jobs report (2/3), equities were under pressure into Fed Chair Powell's appearance at the Economic Club of DC (Tue at 12pm ET). But as we noted in our INTRADAY WORD (sent Tue am), we expected Powell to stick with the dovish script.

despite the chaotic trading intraday, equities ultimately decided Powell stuck to a dovish scriptthe equity sell-off during his fireside chat was fueled partly by the rise in yield (10Y soared) but then markets positioned squarely and equities...

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