Previously, we advised everyone to exit at highs,

Congratulations, we accurately timed the top!

Actually, it's still the same saying:

Every time a rate cut occurs, it is a short-term high point.

When the benefits are fully realized, it becomes a negative.

History does not repeat itself, but it does rhyme.

The balance sheet reduction is not happening that quickly.

Next year's expected rate cut is only once.

Powell's last hawkish remarks were for the next rate cut.

Powell's dovish comments last night were to prevent a rate cut next time.

Powell still needs to support three times in Congress.