A breakdown of yesterday's Fed day in the following format: 1. Pre FOMC (~1 hour before) 2. Post FOMC (~2 hours after) 3. Post post FOMC (~24 hours later) Can you see the difference? The Fed made the decision to accelerate their taper by $30b a month (meaning that they are going to stop providing so much support to Treasuries and Mortgage Backed Securities) as well as released their dot plot - with 3 hikes in 2022. This was a relatively hawkish call for the Fed - meaning that they see some hotness in their dual mandate of price stability (definitely here) and maximum employment (still some ways to go here, but close).