It’s hilarious, in a tragic way: the labor market softens, consumers have less cash, and stocks rip higher. Then earnings season arrives, demand looks tired—and the same crowd gasps, checks notes, that less cash means less spending. Rinse, repeat. Today’s spark? A polite, data-dependent whisper from Powell. No hard promise, just “we’re watching,” yet traders treated it like confetti. Big green candle, victory laps, hedges torched. Meanwhile, the real economy is playing musical chairs: wages struggle to outrun prices, rate-cut hopes slide around the calendar, and housing still feels like an auction where the paddles were pre-sold. Call it the paradox trade—cheering the chill that might cool profits next. As the comic once quipped, we want to wear the sneakers, not stitch them. Same energy here: we want cheaper money without the slowdown that makes it possible. So brace for the sequel. Bad-news rallies are fun until they remember what they’re celebrating. Will this one stick—or is it just another bear trap with better lighting?