When the Federal Reserve speaks, market participants listen. The addition or elimination of a single adjective in the Fed’s written or oral communication is enough to move markets. So, on 12/13/23, when Chairman Jerome Powell said interest rate cuts might be coming “into view,” the financial markets heard “mission accomplished.” The fight against inflation was over, and it had yet to come at the cost of economic growth. A soft landing was in the works. To be clear, Jerome Powell didn’t explicitly declare victory, far from it, but that was the market’s takeaway.