Jay Powell: Consummate Coward In An Empty Suit, Part 1

If there was any doubt that Jay Powell is a cowardly empty suit, this chart tells you all you need to know. The man is so fearful that the Wall Street bully boys (and girls and robo-machines) might squint at him cross-eyed that he emitted nary a syllable that could incur their displeasure in today’s meeting statement and during his presser afterwards.

Accordingly, absolutely reassured that the Fed will bend over to their every demand, all the gunslingers and front-runners who have been piling into the 10-year UST for weeks now, let out a collective yelp and instantaneously slammed the “buy” keys—driving the yield to 2.02% in virtually a heartbeat.