Stocks, Bonds And Bitcoin Battered After Powell Trapdoors Markets, Says December Cut Not Set

For about 35 minutes, today's FOMC decision was the most boring central bank event in years: the Fed cut rates, ended QT, had a couple of dissenters and... the market did not budge as most of that was fully priced in: the S&P was flat as a board, yields barely drifting higher on speculation what Schmid's hawkish dissent could mean, with commodities and cryptos flatlining. 

And then, bam - at exactly 2:35PM, 5 minutes after Powell started reading his prepared remarks, he said something that spooked all the algos (and few left human traders). That's when, unprompted, Powell addressed the elephant in the room, and said that while September and October were risk-management rate cuts, December won't be and that a "December cut is not for sure, far from it."