It's been a day dominated by two central banks, neither of which got the reaction, I suspect,

they were expecting.

First, this is how the yen responded to the bank of Japan's announcement,

that it was gonna be targeting the remarkably low level of a zero percent ten-year bond's yield.

You would think that was dovish, but they didn't cut rates, which were already negative,

and as you can see they actually strengthened the yen.

Now, here we have from the Fed, this is how the bond's market responded to the announcement.

They weren't raising rates, but the three governors had voted to do so.

A very high level of descent, plainly a hawkish hold you would have thought, bond market hover, treated as those dovish.

You can see that the stock market really like the afternoon announcement.

And in particular emerging markets rallied very strongly.

They always like it when the Fed appears to be lineate.

Now according to the Fed's official dots prediction, they are going to be raising rates once this year

and twice next.

This is the probability according to the Fed funds future's market that they actually do that.

The market is still fighting the Fed. And that's the New York Minute.