Did Powell's remarks restore market confidence in a soft landing?

Powell repeatedly emphasized that the economy is fine and there are no signs of a recession, which seems to have worked. The market has started pricing in a soft landing.

Assets like U.S. Treasuries and the Japanese yen, which previously benefited from recession speculation, showed a stark contrast in pre-market trading today.

U.S. stock pre-market updates:

U.S. stocks: Dow futures +1.18%, Nasdaq +2.13%, S&P 500 +1.65%, Russell 2000 +3%

Crude oil: Brent +1.68%, WTI +1.87%

Precious metals: Gold +1.1%, Silver +3.6%, Copper +1.83% (Gold has been the darling of the year—no matter the narrative, it keeps climbing steadily to new highs.)

Meanwhile, USD/JPY is up +0.48%, and TLT, after yesterday's 1.24% plunge, is only up 0.15% now.

Let’s see how the market reacts after the opening bell.

But one day’s market action doesn’t confirm a full pivot to a soft landing. More observation is needed, with greater focus now shifting to the labor market.

One lingering question: If the U.S. economy is as strong as Powell claims, with no signs of a recession, why would the first rate cut need to be 50 bps?

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