Short-term rates just jumped. Powell didn't say "we're hiking next week," but when the Fed chair says inflation's moving the wrong way and policy isn't restrictive right now, the market connects the dots pretty fast.

This is classic Fed speak. They don't telegraph moves explicitly anymore, but the message is clear enough: don't expect cuts anytime soon, and if things don't improve, hikes are back on the table.

Bond traders aren't dumb. They're repricing risk in real time. If you were betting on rate cuts this year, that trade just got a lot harder.