Did Powell save the day with his comments today, or is this market’s fate already sealed?

This Wall Street Journal headline says it all:

Fed Chair Powell spoke before the Senate Banking Committee today. He tried to weave a picture of competence and confidence with the monumental task of engineering an economic soft landing.

Initially, the market loved what it heard about a recession potentially not happening. But there was a constant feeling from both sides of the aisle that maybe Powell could blow it.  Right now, the bond market is moving higher as yields move sharply lower.

The ten-year yield crashed under that former resistance point that held as support last week. But there are still has a number of pockets of support down to the trend line.

There is an eclectic list of names leading the charge today:

Interestingly, Technology is not powering higher even on lower bond yields.

I believe the economy is slowing a lot more than advertised, and if the data comes in timely to stop the Fed from making a mistake, we could be in the midst of the bottom-making process already.