Why has sentiment changed so much since June?

In June everyone was bearish. CPI and FOMC meeting came in hawkish and markets reflected that. However, since July started everyone is saying 75bps is dovish, markets have room to rally and the markets are accepting this dovish take.

I’m not asking for reasons as to why markets are moving the way they are, I’m talking about participants mindset. Yes we can have some relief and drop lower, but why, when the macro is so bad, is the sentiment almost euphoric? I read one theory that sad we are desensitised to downwards movements that even a small rally gets us going, but it can’t just be that as 75bps is seen as dovish now. Deffo an interesting time.