Who could have seen that coming?

On Tuesday Fed Chair Powell proclaimed hawkishly:

“CONFIDENCE ON INFLATION GETTING STRONGER“

700 Dow points lower and VIX back above 20 and we arrive at this morning and Powell’s flip-flop:

“NO STRONG EVIDENCE OF DECISIVE MOVE UP IN WAGES, MORE LABOR MARKET GAINS CAN OCCUR WITHOUT CAUSING INFLATION”

So dovish Powell is back and stocks are ripping higher…

And the dollar is dumping as gold pops…