Yesterday morning before U.S. bourses opened, St Louis perma-dove Jim Bullard mentioned that a rate cut might be in order. Markets reacted as you’d expect.

This intrusion (sugar bomb) is not surprising but it is inconvenient for us. We needed the Fed (& the other top 4 global central banks) to shut up this week, in order to be able to know whether last week or this week would be a 1st baseline point (major SPX inflection point).

I think it is reasonable to assume this week would have seen a fair bit more pain in risk assets –prompting the Bullard to blink.