Market Initially Shrugs At Hawkish Fed Minutes

If The Fed Minutes dropped in the woods, and nobody reacted, did anything actually happen?

A hawkishly-tilted narrative (fearful of market anticipation, concerned at leverage, worried about asset valuations) was not enough to spark any move of note in the major markets…

The dollar dropped modestly before lifting back to unch…

Source: Bloomberg

The long bond followed as similar path, with yields initially falling only to return to the scene of the crime…

Source: Bloomberg

Stocks dropped and then popped back but are barely moving for now…

Source: Bloomberg

And even the fed funds market only dripped a tick or two more dovish…

Source: Bloomberg