They dont move markets. People in the markets move them.
That right there is worth to stop and reflect on. I was quite surprised to see such a strong reaction to something that appeared to have been priced in for the most part. My guess is that this non-news will be shaken off tomorrow.
I am not. Too many are indoctrinated into the power of the Fed. They believe this entity actually has power to fix things. It does not.
With interest rates, their own research shows the impact of moves in the Fed Funds rate diminishes at the 5Y and has no correlation at the 10Y, which has a huge correlation to mortgage rates.
So the rates most people care about the Fed has no impact upon.
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