I am cynically guessing Powell’s talk at noon is NOT going to mention YCC, operation twist or even bond yields.

I bet the Fed is fine with the market bleeding off here, and doesn’t have a problem with the Nasdaq having a serious correction (20% or more) given how bubblicious some of the leading names are  (e.g., TSLA).

Powell will probably pump the “recovery” narrative to explain rising yields and to keep the Dow and S&P from falling apart.