The Federal Open Market Committee (FOMC) was set for a two-day policy meeting on Tuesday and Wednesday. But while the Fed has indicated the meeting was "live," or that action was on the table, markets haven't been pricing in much chance of a hike.
Speaking on the sidelines of the Fund Forum conference in Berlin, Gilbert said much of the rally was instead down to investors ditching "short" bets that the market would fall further and buying to cover their positions.