In the typical "headfake" kneejerk reaction to any Fed comment, stocks initially dropped on the headline that "tapering is on the way", but immediately rebounded with spoos rising to a a new record high of 4500, suggesting the market anticipated Powell's comments and that Powell was indeed more dovish than expected.

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The dovish interpretation was also obvious in 10Y yields which slumped to session lows...

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...and the dollar, which likewise slide to Friday's lows, with Powell refusing to give a firm timeline to the taper.

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And with the dollar sliding, gold is surging pushing the yellow metal above $1,800, while bitcoin and cryptos have spiked to new session highs.

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Overall, Powell's remarks were just what the market wanted - nothing too hawkish, or too dovish. Indeed, with stocks hitting all time high, they were just right.