For all the market worries about a UK housing bubble and US financial stability, the only market shock yesterday was the MIA Central Bank 'hawk.' Despite expressing "surprise" that the market had not been pricing in higher rates for 2014, the BoE's MPC minutes revealed that board members had voted unanimously (9-0) to keep benchmark lending rates unchanged. For the Fed chair, Yellen and her crew, only two things ended up mattering, whether it was intentional or not – first, yesterday's FOMC meet delivered a sharp downgrade to 2014 US GDP (+2.8%-2.1%), and second, Ms. Yellen's comments about the equity market ... (full story)