Dollar Dumps To 5-Month Lows As Stocks, Bonds Jump On Fed Fold The fed officially capitulated... Source: Bloomberg ...removing any expectations for rate changes until the end of 2020 at the earliest... Source: Bloomberg Which sparked initial weakness in the dollar, dumping it to 5-month lows Source: Bloomberg But when Powell admitted he would consider bond purchases (not just Bill purchases), the dollar and Treasury yields tumbled... Source: Bloomberg Stocks were broadly higher on the day (though Small Caps lagged)... The S&P dived briefly in the last few minutes on Navarro comments but bounced off vwap... Treasury yields tumbled across the entire curve by 4-5bps (the belly was a modest outperformer)... Source: Bloomberg And the yield curve is tumbling... Source: Bloomberg Today was the biggest drop in the dollar in two months, down 8 of the last 9 days... Source: Bloomberg Cable roundtripped yesterday's "Johnson might not win by a mile" fears, as the latest polls suggested that he will... Source: Bloomberg With the most hedging since the Referendum vote... Source: Bloomberg Yuan also roundtripped on the day, despite more Source: Bloomberg Cryptos continue to limp lower... Source: Bloomberg Copper continued its charge higher today, crude was weaker as PMs gained on a weak dollar and Fed promises... Source: Bloomberg Oil prices tumbled after last night's API and this morning's DOE data showed a surprise crude build (but the machines bought the F'ing dip... Silver soared back today as the dollar skidded - erasing a large part of the payrolls panic puke... And gold did run the stops above the payroll sprint before fading back... And gold in yuan erased the payrolls plunge... Source: Bloomberg So, summing it all up - it seems Powell and his merry men (and women... and any non-binary members of the FOMC) are not all-seeing... and we will have to 3wacth the 'turn' repo rate to see if they really can hold this shitshow together through year-end... Oh and about that Aramco IPO - remember the last time a massive sovereign energy firm went public at over a trillion dollars... Source: Bloomberg Tyler Durden Wed, 12/11/2019 - 16:02