Financial markets have already had an unusual year, but recent price action lately has been especially bizarre, according to Robin Brooks, a senior fellow at the Brookings Institution.

In a Substack post on Tuesday titled “Super weird markets since Jackson Hole,” he traced the path of key assets since Federal Reserve Chairman Jerome Powell opened the door to rate cuts in a speech at the annual central bank symposium last month.

“You’d have thought that would weigh on the Dollar, lift the S&P 500 and boost commodity prices across the board. But that hasn’t happened,” Brooks wrote. “The only thing that’s moved is gold, with a massive price rise of almost 10 percent.”

To be sure, stocks have rallied since his post as benign inflation data cleared the way for Fed rate cuts when policy

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