FOMC: Tightening Starts When? Just Draw 45 Degree Line By David Markel CFA of alephblog.

This will be short, because in this case, as picture is worth a thousand words.  What sent the market lower today? This:

Tightening FOMC

The likely time for FOMC tightening shrank today, despite the many words saying that nothing was different.  This is the first time since the Fed started giving enhanced guidance that the time for tightening actually moved backwards (closer to the present).  Should we be surprised that long bonds fell, and equities less so?