Last Fed Day, we had quite a wild reaction to the FOMC announcement. here was the graph from the minutes following the announcement:
In stark contrast, the minutes following today's announcement have been smooth and predictably directional. Not only is this a smooth price curve for a Fed day (don't pay attention to anything before 14:15), but it is a smooth line even for a slow news day. That's the kind of reaction that indicates an absence of indecision among bond traders. The long-forgotten lemmingism, in a pleasant surprise, is noticeably absent. It's like a cool breeze on a summer's day with a nice glass of iced tea (decaf even!).
Without more ado, here's today's graph. Again, a clear indication to float: