If a deal with Mexico on immigration is made it will change sentiment about how to handle trade issues in general.
Anything weak is a positive to be excited about and anything strong is a nightmare because that might stiffen Powell's resolve to keep rates where they are instead of cutting them.
No one wants to be fighting the market when that headline appears.
Can markets go higher? Certainly, but we still need to see higher prices form here on higher volumes in order to confirm that those big kids are playing ball.
Comments from China, Mexico and the Fed led the way.
Fed Chairman Powell is monitoring rates and recognizes that he might have to take action if the trade wars knock down economic activity.
This may be a case where the short-term damage to markets may be for the best in the longer run.
The market is in a different place now than it was late last year, so don't expect the same kind of rebound.
A bounce on dovish Fed comments was completely reversed, which illustrates how poor market sentiment has become.
To get rates even lower, we do probably need the economy to get slower.