As Diapason's Sean Corrigan demonstrates, the Fed has failed at not only every single explicit mandate, such as keepin inflation and unemployment under control, but in its most important implicit one as well, that of preserving price stability, following an 8 week 2s30s curve shift which has been the greatest such move in 30 years, and a nearly 3 sigma event. 3 SIGMA... In boring government bonds...
Also at ZH:
Disappointment With The Fed
Goldman's Take..."A Bold Twist"
Wall Street Pundits' Kneejerk Response To FOMC Statement
2s10s, 30 Year Yield Pancakes As Bernanke Sets Off On Bank Carry Trade Deathwish
Operation Twist Is Here - Fed To Buy $400 Bilion USTs With 6 To 30 Year Maturity, To Roll MBS Maturities Into New MBS