“Earlier this month, markets shifted more towards a 'central back put' regime," Christian Mueller-Glissmann at Goldman wrote in a note to clients.

“Earlier this month, markets shifted more towards a 'central back put' regime," Christian Mueller-Glissmann at Goldman wrote in a note to clients.

Stocks came off their highs after Federal Reserve Chair Jerome Powell made a point of saying that a December rate cut isn't a 'foregone conclusion.'