It's all about policy

Powell pivots... to more hawkish; China refutes reopening committee rumours

This picture succinctly sums up market moves over the past week. US markets were buoyed by hope (read: hopium) that the Powell pivot might come sooner as expected, with MS coming out just 4 days before the November FOMC meeting saying their indicators “all support a Fed pivot sooner rather than later”.

Then came Powell yesterday saying that the terminal…