Market Shrugs Off Fed Hawkish Tone (For Now) - Goes Nowhere

It appears The Fed has mastered the art (for now) of creating a document with no algo-triggering headlines as despite a definite hawkish tone - transitory inflation and asset valuation warnings - stocks and bonds are unmoved and the dollar is very marginally higher.

Bond yields are unch...

Eurodollar futures show no immediate shift in rate expectations on the back of the Fed minutes, despite the "transitory" inflation language and the lack of any mention of rate cuts would seem to be a little more hawkish than the market's positioning.

Stocks are down very modestly...

But the dollar was the only asset that really moved (and even that was minimal)...

But, of course, it's early yet.