[bern4444]

> But this pattern has occurred over and over again in the last 4 rate hikes. You are suggesting that people haven't learned their lesson yet

Yes.

> which seems absurd to me

Yes. It seems absurd to me as well. :). Markets aren’t quite as rational as everyone likes to believe

I think they “knew what they were doing” when they heard something they thought meant this would soon be ending and then knew what they were doing when Powell spoke and wiped that idea out of existence.

We are witnessing the end of over a decade of cheap if not free money. This has all taken place in ~6 months. 14 years of expectations and beliefs will take some undoing before markets accept the new reality.