Minimal Impact From Fed

Fed day has come and gone with minimal fanfare. Markets ultimately found reason to downgrade expectations for future rate hikes (likely due to Warsh's general "wait and see" comments during the press conference), but at the expense of a bit of weakness in the longer end of the yield curve. In other words, 2yr yields fell and 10yr yields rose. Neither were appreciably far from levels seen 2 days ago.  Additionally, not all of the above should be attributed to the Fed. 10yr yields are actually ending the day lower compared to levels seen around noon (2 hours before the Fed announcement). Overnight weakness in the 10yr is easier to connect to lower funding costs for some of the neocloud companies that have recently been under the microscope. Afternoon gains corresponded with Oracle saying it anticipated lower funding needs.