"The (potential) hawk is dead, long live the doves," appears the chorus of approving 'traders' who have just bid the S&P 500 futures up over 1% to a new all-time high. The USD is getting monkey-hammered, Gold futures jumped $20 and Silver futures are up 3.5% (from the Friday PM fix) but are fading back close to the Friday trading close. Treasury futures open up over 1 point (implying 30Y -4bps, 10Y -8bps, 5Y -11bps) - jubilant at the money-printing to come - oh and WTI crude is -1.3% at $107.
and sell the USD...
and TSY Futures...imply TSY yields are dumping belly first
Of course we've seen these kind of knee-jerk epic stop-run reactions when a 'leader' steps aside before - cough Ballmer cough - and that didn't end well.