Hands on hips as usual, Powell's speech tonight is just like the last CPI fix and the big non-farm payrolls—same pattern. Over the past few days, all kinds of news have indeed been, as mentioned yesterday, just a form of expectation management. Currently, the CME rate cut probability has gone from 71% to 85%, and now to 91%. This wave of optimism will probably last until next week. But there's still a month to go until the 9/18 FOMC meeting, so there’s bound to be more moves to mess with sentiment and adjust market expectations. After all, tonight the consensus on rate cut expectations has been maxed out again.