The market theme of the week appears to be to react twice to the same information. That’s true in terms of the Treasury issuance statements on Monday afternoon and this morning’s repeated guidance that volumes will be lower than feared. It’s once again true in the reaction to the Fed as they statement-codified Chair Powell’s earlier warnings on tightened financial conditions. The result was to send a signal that they wish to rein in some of the bond selloff in terms of the overall mixture of policy measures. The Federal Reserve kept its fed funds upper limit rate unchanged at 5.5% as universally expected and waffled ... (full story)