I am not an economist, obviously, but just because we are seeing a slow gradual change in central bank policies, it seems to me anyway, should not cause us to expect immediate effects in the market.
There are integral forces and derivitive forces in any dynamic system. And the latter trails the former by a large margin.
When you turn the electrical power off to a pot of boiling water, the boiling does not immediately stop, but continues to get hotter as the residual heat from the electrical coil continues to heat the pot and the water in it.
The power to the coil is an integral force while the temperature of the pot is derivitive from that.
Thus the pot continues to heat the water inside even if the electrical power is no longer providing more ehat to the coils.
That is why those expert investers that look for integral trends continue to accumulate financial resources even as others around them lose theirs. The Buffets of the world know how to stay ahead of the herd and make their money off the herd's predictable movements.
Very confusing analogy, I do not know how this relates to the subject in a clear way.