The reaction to the FOMC statement is extremely significant in its almost entire lack of response.
- Pre: 10Y 1.94%, ES 1550, Gold $1606, WTI $92.70, EUR 1.2950
- Post: 10Y 1.935%, ES 1551.5, Gold $1606.5, WTI $92.95, EUR 1.2966
Mortgage spreads widened very modestly; Volume has died; VWAP is your friend; and the Great and Powerful Oz is about to speak.
The FOMC reaction is the tiny little wiggle at the right hand side of this chart...