Fed follow up ...

No change in rates ... no real change to the Fed statement. I don't have time to post more as it's a crazy last few days before I head out to the Las Vegas Money Show.

But just to follow up to the comments and chart in my last post, the bonds did get clocked. Ten-year notes failed right at the resistance I highlighted, while long bonds shed a half-point. Yield-wise, the 10s are still right in the middle of the recent range at 4.67%. What caused the sell off? The Fed did NOT eliminate its inflation bias, choosing instead to reiterate that "the committee's predominant policy concern remains the risk that inflation will fail to moderate as expected."