Today, capital markets were "rocked" by comments from Fed Chairman Jerome Powell that were somehow deemed to be hawkish. The most confusing reaction to his comments was the simultaneous sell-off in both precious metals and Treasuries. In theory, these securities should not move in lock-step with one another but rather inverse to one another.
I can't quite understand how the market interpreted Powell's comments to be bearish for both precious metals and Treasuries. I do know that one side of the trade is wrong. The next few trading sessions should give us some idea of which side that is.