Fed comments and the curious case of payment processors

Jay Powell's recent comments, leaning slightly dovish if you squint hard enough, have me thinking about sectors with leverage to even a whiff of rate cuts. You'd think payment processors, the engines of transaction volume, would be getting more love than they are. We saw $FI tick up to 63.8 today, but it’s still feeling pretty range-bound. Seems like the market's still digesting whether these are real shifts or just a head fake before the next CPI print.

I'm watching the volume on names like $FI and $TCEHY (which had a rather spirited 4.99% jump today to 61.25, quite the day for a tech behemoth). The divergence is interesting – one's a more direct play on consumer spending velocity, the other a broader tech and international bet. Just trying to parse if this is selective rotation or if the macro picture is finally allowing some of the more rate-sensitive names a bit of breathing room.