“The future is already here; it’s just unevenly distributed”William Gibson
Usually, we find this famous quote by a speculative fiction author and often used by “inventors” apt for “markets” too. However, at this juncture, it seems that the future is now looking rather evenly distributed in the market, especially equities. In the build-up to FOMC, we have been highlighting the “inflection point” in markets amid the “divergence” between signal from risk assets and yield curve. Now that Jerome Powell clearly stated in his press conference that the disinflationary process has begun and that FED is not concerned with improving financial conditions, markets have marched on to greener pastures of a soft landing.
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