It's a put on the dollar
Fed cuts don't matter for the stock market anymore. It's a biological crisis, not an economic one. Rates at zero will be great when officials finally get on top of the virus and the tide turns, but they're not a reason to buy right now.
Instead, the rates trade is in the US dollar. Yields are crumbling today and the USTs advantage is quickly being erased. That's why GBP/USD has made a big comeback from the worst levels of the day and why USD/JPY continues to fall.
The bounce in the pound accelerated as Powell spoke.
