"What Just Happened" - Goldman's Melt-Up Post-Mortem... And What's Next?

By any standards, yesterday's market moves were dramatic. Having had a few hours to breathe, Goldman Sachs' Lee Coppersmith explains "what just happened"... and offers some thoughts on "what's next"...

First things first, Jay Powell has a problem as the market is now "not doing The Fed's job for it" as Coppersmith highlights:

Yesterday’s 23bps easing of US financial conditions was historic…