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POST FOMC comments as Short end of the curve spikes

90 mins to go, as conference gets underway,, FOMC's 1/4 pt hike and talk that inflation expectations have increased considerably.. caused a rapid move in Yields from 2.42 to over 2.50, something which is resulting in a bid to Financials while Utilities and Real estate have both pulled back and trading down over 1% -  US Dollar index spiked with USD gaining ground vs Yen.  Importantly..  the 10yr wasn't the big mover though when comparing this to front end of the curve, which saw a huge breakout in 2 yr yields with 5 yr yields also making a new high and closing in on 2%-  currently 1.97%-   so we've seen the Flattening in the curve continue in the last 30 mins while both Gold and oil have turned down a bit more quickly-  S&P has pulled back to near yesterday's lows and near a trendline which had been intact since early December-  NASDAQ has gained some ground from initial pullback, while Emerging mkts down nearly 2%-  Interestingly enough, no real talk of how rapidly rates had spiked, nor mention of any Fiscal changes which might be upcoming in Trumps presidency-  So very minor shifts in outlook, and despite rapid flattening of the curve, not really that major of a statement by the FOMC to back up an aggressive shift in policy.. but the move in 2s does look to continue and so flattening can continue nearterm-  breadth is about 2.5/1 negative right now, so not too big of a pullback, and one that should be used to buy dips unless 2246 is taken out on a closing basis-  For now, technically the big move to focus on is the breakout in 2 yr yields..  Let me know if you have any questions