If Yellen had written a personal email to everyone in the markets I do not think what the Fed did today could have been more obvious.
The 'big tickle' was supposed to be the use of the word 'gradual' rather than 'measured.'
If the economic data and the dovishness of the Fed did not make that form for this current 'policy tightening cycle' completely obvious one can only wonder what it would take.
Let's see how the wiseguys, having dissembled their way to mid-week, can figure out new ways to skin the naive and the trading tourists.
Have a pleasant evening.
