Summary:

- The article discusses the market's delayed reaction to the Federal Reserve's emergency interest rate cut in response to the COVID-19 crisis. It suggests that investors are now buying "all things trade-engaged" after the Fed's intervention.

- The article notes that the market initially responded negatively to the Fed's rate cut, but has since shifted to a more optimistic stance, with investors seeking exposure to sectors and assets that benefit from trade and economic activity.

- The article suggests that the market's shift in sentiment reflects a belief that the Fed's actions will help mitigate the economic impact of the COVID-19 outbreak, and that investors are positioning themselves for a potential recovery in trade and economic activity.