This morning during his Q&A session at the Cato Institution, Jay Powell was asked about Paul Volcker. He focused on failed efforts before Volcker got the job.

“So, it is very much our view and my view that we need to act now forthrightly, strongly, as we have been doing, and we need to keep at it until the job is done. To avoid that, we think we can avoid the kind of very high social costs that Paul Volcker and the Fed had to bring into play in order to get inflation back down.”

This underscores the main reason I don’t think the Fed will be as hawkish as they claim. Powell can’t stop thinking and worrying about the high social cost.

Maybe that's why the market put in an impressive early reversal, but it probably was too early.

Another Fed official, Charles Evans; began speaking at twelve o’clock. I'm sure he will take his best shot at bringing down the market. 

Watching the financials closely.  The sector has failed to live up to the hype but does act intriguing and is back above the 50-day moving average. It must get above that down trendline before we can pound the table.  

Not sure how the market finishes here, but this action is very attractive. Although not for the Fed or all those Wall Street bears with giant downside bets.