A hawkish Yellen a week ago sparked an exuberant rally because "rate hikes must mean the economy is awesome" but a hawkish-er Yellen today sparked turmoil as the dollar jumped and bonds, stocks, and commodities dumped... (though we note markets had been anticipating some of this move into her statement)
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Smashing Dec rate hike odds to 60% (from 50% overnight)
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Everyone knows you never go full Hawk-tard...
Still, stocks are holding most of the gains from the Hawkish FOMC statement...
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Futures once again show the craziness this week best..
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But Trannies were worst today as a late-day panic buying effort as Nasdaq and Small Caps were ramped to unchanged
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As S&P 2,100 was clearly important to the machines.... as VIX was used to ensure it closed above that level
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Yesterday's credit decoupling extended dramatically after Yellen's comments...
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Yesterday's VIX decoupling also extended notably...
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Treasury yields were ugly, although most of the heavy selling pressure was in the short-end... as 30Y ended the day unchanged and 2Y +5bps
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With yields notably higher still from The FOMC statement (again with the short-end underperforming)
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As 2Y Yields hit 4 year highs...
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The US Dollar extended gains against the majots - with EURUSD plunging to a 1.08 handle - now up 1.3% sicne Friday...
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Dollar strength did not help the slide in commodities... with crude worst today but PMs pummeled this week...
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Crude crashed back from yesterday's exubeerant highs after production and inventories rose...
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Precious Metals have been pummelled...
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Charts: Bloomberg
Bonus Chart: Food vs Friends...
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