Waiting for the Fed to see what it is going to do seems to be the favorite pastime for Fed watchers. They may still raise rates but at the same time, they can also “Pop” the market bubble top. What we have is a potential completed zigzag, which means this is a correction in a 37-year bull market. Even after the Fed does serious damage, and starts dropping rates, that will be no guarantee that the market even cares. They dropped rates during the 2008 crash many times and the markets ignored all of them.
Rates are dropping already as demand for loans are drying up! T-Bonds are in a bull market that will push to new world record highs, which looks like we could be heading to a Cycle degree wave 1 Peak. This could take years to play out but a big correction may have nothing to do with the Fed as market forces can force T-Bond prices to fluctuate wildly.
In order for this to get confirmed as a correction then T-Bonds must soar to new highs eventually.