With stocks rebounding dead-cat-like overnight, St. Louis Fed President Jim Bullard may have just stolen the jam out of the market's donut, confirming Powell's more hawkish comments that "this is a mid-cycle adjustment" and sees no recession on the horizon.
The normally outspoken dove commented that he "would not consider the latest tit-for-tat with China an intensification" and added that "now is the time to see if we bought enough insurance."
The St.Louis Fed head noted that he "does not see conditions warranting a 50 basis point cut all at once," and that The Fed "has already adjusted for trade uncertainty," adding that The Fed "should not react to short-term market moves."
All of which is problem for a market now demanding almost 3 more rate-cuts this year.
Additionally, Bullard warned apparent doves that "we are not in a situation like 207-8" and said that he "wouldn't rule out more policy changes ahead."
Finally, Bullard spoke optimistically, saying "lots of good things going on in the economy."
Markets, for now, are entirely ignoring this sentiment shift from a noted dove.