—This rebound feels like someone pressed a button.

Global markets on Friday returned to the familiar pattern: the US dollar declined, and everything else rose.
- Gold approached $5000 again, Bitcoin recovered the $70,000 level, and the Dow Jones Industrial Average broke through $50,000 for the first time in history (a sentiment event).
This rally, like the previous decline, seems to have no clear reason; it’s just that prices fell too much. It feels like a rebound after a selling wave—this time, it corrected the price but didn’t restore confidence—which will reduce people’s risk tolerance.
US stock futures are the most reliable indicator because they cover a full day of trading. Their rise spans Asia (no crash), Europe (no retracement), and the US trading session (continued push)—behind this is a complete, textbook-style market rescue operation. It’s not retail investors doing this, nor is it a single institution’s action.
First, Federal Reserve officials changed their tone. San Francisco Fed President Daly said on Friday that the labor market remains fragile, with room to cut interest rates, possibly needing one or two more cuts. This is the first time since the current global market plunge that the Fed has signaled a rate cut.
Second, US Treasury Secretary Yellen clarified her stance on the “strong dollar policy.” When asked on Friday whether her views on the dollar differ from President Trump’s, she responded, “That’s a false dichotomy.”
Yellen’s response was very clever; she didn’t mention “maintaining a certain dollar level,” but instead said, “The core of the strong dollar policy is whether we’re doing things that can create a strong fundamental outlook for the dollar.”
The implication is that the US is more concerned with “capital staying in the country” rather than “the exchange rate staying high.” No promises that the dollar won’t fall, no backing for the dollar; instead, a promise that “US assets are worth buying.” It’s like a “quiet withdrawal” of the strong dollar rhetoric, or maybe not a withdrawal at all, but the market’s perception has changed. Remember, it’s no coincidence that during a market plunge, questions about the “strong dollar” suddenly arose (rather than questions about the market decline).
Additionally, economic data also aligned perfectly. Data released last night showed that the US February Consumer Confidence Index rose to its highest in six months, and since then, the market’s rally has accelerated.
These three factors together essentially tell the market: we won’t really crush the market (this is different from a “policy shift”).
This rally came very timely, just as the Nasdaq index was correcting by 5%-6% from its high (very “technically friendly,” preventing trend confirmation).
It’s not a trend reversal; it’s just that after falling too much at the wrong time, the right rhetoric caught the market.