Yesterday, many people said that Powell was dovish, and a dovish rate cut. I looked into it and found that Powell announced significant bond purchases next year, which was already expected. Last year, the Fed started cutting rates but kept shrinking its balance sheet. On December 1st, they will stop shrinking the balance sheet, which means starting in January, they can expand the balance sheet and buy bonds. Actually, Powell mentioned something yesterday that everyone could have predicted and isn’t a big piece of good news: it’s unlikely they will cut rates in January. The dot plot currently shows only one rate cut next year, and only after Powell’s retirement in May and the appointment of Hassett might there be a substantial rate cut that changes the dot plot. Yesterday, we saw that the insider whale with the 10.11 data didn’t take profits on their long positions—no surprise, since this insider whale knows Powell’s speech isn’t hawkish as others guess, but dovish, so they kept accumulating. We still need to keep an eye on this insider whale. Look at how Trump specifically promoted his immigration gold cards, each worth 1 million USD, on the same day Powell’s speech was made, knowing Powell is dovish but still not letting up and even trying to suppress Powell’s popularity by timing the sale of the gold cards on the same day. Powell is nearing retirement and seems to be backing down. It’s also possible that his backers don’t want the US stocks to fall.