We're still going through FT Alphaville's "Macro Live, Janet Yellen presser edition", until we get back here are some quick hits from ZeroHedge:
S&P Loses 2,500, Gold Tests $1300 As Fed Flattens Yield Curve
As Yellen's press conference began, Gold and stocks legged lower, taking out $1300 and 2500 respectively.....MORE
As we detailed earlier, the dollar spiked higher and the yield curve spiked lower following The Fed's hawkish statement. 2Y yields hit their highest since Dec 2008...
As December rate hike odds jumped to 63%.. so still not completely buying The Fed's plan...
The dollar spiked...
But the yield curve cracked notably flatter... as the long-end was unimpressed.
This is not what The Fed, or the banks, were hoping for. How long before bank stocks wake up?
