This rally is a nonsense

 Powell said they will slow down, but that rates will have to go higher than forecasted earlier. The market wants to listen only to the first part of Powell’s statement.

Bloomberg 30 November 2022

https://www.bloomberg.com/news/articles/2022-11-29/asian-stocks-poised-to-follow-us-equities-lower-markets-wrap

Powell Signals Downshift Likely Next Month, More Hikes to Come

• Peak rate to be ‘somewhat higher’ than thought in September

https://www.bloomberg.com/news/articles/2022-11-30/powell-signals-downshift-likely-next-month-more-hikes-to-come

Stagflation Is Just What the Economy Needs

The Federal Reserve should be — and appears to be — aiming for a period of elevated unemployment and inflation.

Narayana Kocherlakota Bloomberg 30 November 2022 

Narayana Kocherlakota was president of the Federal Reserve Bank of Minneapolis from 2009 to 2015.

https://www.bloomberg.com/opinion/articles/2022-11-30/stagflation-is-just-what-the-economy-needs