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Narratives can be powerfull
In the Trenches: Less Is More
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In addition to the 180 degree shift by Mr. Powell and the return of the notion that the Stock Market is the Fed’s “Daddy”, is the notion that the new stimulus from China was going to once again lead the world stronger.
Throw in the repeated and in ad nauseaum claim that success in the Trade negotiations were going to bring back the best in globalization and you had 3 key narratives which has driven the stock market to new highs.
Yet the Fed is still doing QT, the Trade negotiations will probably deliver only nominal improvements and China’s stimulus is one quarter of what it was in the past (and with a debt laden economy less able to absorb more debt).