Market moves are big, everywhere. The exception is the Treasury market which is where the Fed actually involved. US 10-year yields are up a ho-hum 4 basis points to 2.39% after hitting 2.47%. The close is critical today because 2.40% is a major technical level.
You can make the argument that bonds saw this coming better than other markets and that’s kept a lid on things but I’m more inclined to believe that bond buyers are stepping in now because the economy won’t turn out as rosy as the Fed thinks.
