Yesterday, I analyzed Powell's speech at Jackson Hole as 'neutral to hawkish'. The market's short-term reaction was excessive; I even think that the rise in US stocks and gold and silver starting precisely at 10 o'clock was merely because many people only heard the phrase 'the risk balance seems to be changing... we may need to adjust our policy stance' and assumed that Powell was being dovish, without even listening to the complete speech.
First, my article was published at 10:38 PM Beijing time, which is 1 PM US time, and Bloomberg published a column (Powell’s Nuance Was Lost on Markets. Too Bad.) shortly after (the market misread the nuances of Powell's speech, such a pity), authored by Jonathan Levin.