I’d advise not only locking at the FF rate but looking out the yield curve.
The two risk premiums on the 10y US treasury got soft. The lower yield helps equity values.
I am willing to say the larger investment houses modeled out slightly softer inflation numbers in Oct for Nov. The major investment houses model these things. They may have also read FED reports not just the notes that pointed to the November results.
The market started rising.
Following oil for a softening of inflation we can go back many months.
Bond yields have a factor for inflation risk. Bond yields also have a factor for market risk. The market risk short term has come off.
Medium term the FED and Treasury expect crisis in the global bond markets. Or more specifically in the US bond market.