The Powell put?
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.
He may welcome the cooling off of the stock market but bond and repo market experts( I am not an expert so I will differ to them) seem to feel this is as bad in those markets as late 2019 and last March. If their analysis is correct he will have to do something to address that.