Yesterday's market surge was driven by Hassett's speech (very likely the next Fed Chair), where he mentioned there’s more room for stimulus next year. The market interpreted this as multiple rate cuts next year. Meanwhile, this month's Fed meeting hasn’t even started yet, and the market has already priced in a 25bp rate cut. But the focus is on the potential for future rate cuts. Well, here we go—before the current chair has spoken, the next chair’s words are already making an impact. From now on, instead of watching Powell, we might as well watch Hassett.