April 13 - Delayed Reaction?

Why are they killing the market this afternoon? I am not sure that is the relevant question. The more important question is why they rallied the market yesterday on what was basically bearish news from the Fed. I may not be a macro specialist, but since when is it good news for equities when members of the Federal Reserve come out and say inflationary pressures are growing ahead of previous expectations. Doesn't that suggest a score of rate hikes loom ahead? It would seem so but for some peculiar reason, this news was embraced yesterday afternoon. CNBC gets an assist on this front for completely mangling and torturing the analysis of the notes released by the Fed. Nice one guys. If I had to guess, I would say today's action merely reflects the proper digestion of yesterday's news.