Always be cautious.

ABC was certainly the leitmotif for this week's Central Bank meeting bonanza.

The Bank of England, the Federal Reserve, and the Bank of Japan all refrain from action.

On Thursday, the Bank of England muttered dark about Brexit risks.

Also the BOJ grumbled in vain about the yen's strength.

The real action came from the Fed on Wednesday.

Now investors had expected a cautious start after a woeful jobs report and with a nerve-wrecking UK referendum on EU membership on the horizon.

But some thought that policy makers would hint that a July rate increase was a possibility.

And instead, the Fed served up a cautious statement, pessimistic forecast, and a strikingly guarded press conference.

The ten year treasury yield had dully dropped to its lowest level since August, 2012.

Now, Fed chair Janet Yellen said it's not impossible that policy makers could raise rates in July,

but investors have shrugged off this feeble attempt at keeping the possibility alive.

While there will be more clarity on the UK referendum outcome by then,

Fed Funds futures indicate that investors only see a 2% chance that the US Central Bank will tighten then.

What is even more remarkable is that markets are implying that there is a two-thirds chance that the Fed is paralyzed for the rest of the year.

The last time investors were this downbeat on US interest rates in February, global markets were in the dumps.

Essentially, investors are seeing the Fed's dovishness and doubling down.

And as outspoken bond fund manager Jeffrey Gundlach said, the rate-hike cycle has left the building.

Now, perhaps that's true.

But remember, a majority of policy makers still think the Fed should raise interest rates at least twice this year, and three more times in 2017.

And despite the weak May jobs report,

the labor market remains strong, the economy relatively resilient, the inflation forecasts were actually raised.

The Fed may be cautious, but it's not catatonic.

And given depressed yields, even a small shift in rate expectations could deliver a shock to the sparsely traded summer markets.

This is Robert Wigglesworth for the Financial Times.