Powell basically said the main thing yesterday, but between the lines.

War — inflation acceleration ( but not immediately )
Tariffs — another inflationary impulse by mid-year
And the finale: no one will cut rates until all of this fully manifests

Translation to plain language:

- cheap money "right now" won't happen
- the Fed is taking a wait-and-see position
- the market is left without its main growth driver

And that's where it gets interesting.

Everyone expects that as soon as things get bad —
the Fed will save us right away.

But the logic is different now:
first it gets worse — then they'll think about it.

Hence the market behavior:

— no sustained trend
— bounces happen, but they get sold
— any move quickly gets suppressed

This isn't a bull market.
This is a market of anticipation.

And until a clear signal on rates emerges,
we're facing a nervous saw, blow-ups, and sideways action.

So yeah…
for long players right now it's not about "multiples,"
it's about survival within the structure. #Gate13thAnniversaryGlobalCelebration