sep tember the 21st is in the books here
on Wall Street here's the New York
minute have been a day dominated by two
central banks neither of which got the
reaction I suspect they were expecting
first this is how the yen responded to
the bank of japan's announcement that it
was going to be targeting the remarkably
low level of a 0% 10-year bond yield you
would think that was dovish but they
didn't cut rates which are already
negative and as you can see it actually
strengthened the yen now here we had
from the feds this is how the bonds
market responded to the announcement
they weren't racing rates but that three
governors had voted to do so a very high
level of dissent plainly a hawkish hold
you would have thought the bond market
however treated as those dovish you can
see that the stock market really liked
the afternoon announcement and in
particular emerging markets rallied very
strongly they always like it when the
Fate appears to be lenient now according
to the feds official dots projection
they are going to be raising rates once
this year and twice next this is the
probability according to the Fed Funds
futures market that they actually do
that the market is still fighting the
Fed that's the New York minute