Good feelings tend to fade away fast when confronted with discomfiting reality. Following hot jobs and inflation data, investors were confronted with stumbling stocks and surging Treasury yields though mid-April. In addition to pressuring stocks, the rise in yields boosted the VIX to multi-month highs and caused a recalibration of expected Fed policy moves. However, the market has swiftly recovered suggesting that investors are anticipating the beginning of rate cuts, rather than dreading rate hikes as they had been doing for more than two years.