So a largely dovish tone overall from the Fed...>

FED: So a largely dovish tone overall from the Fed and Chair Powell - definitely

a pre-holiday presser (Powell was even told unceremoniously by a member of the

press, "thanks for being here today"). We'll have a full prelim transcript sent

around shortly.

- Could make the argument (a weak one) that commentary on inflation overshoots

seen by FOMC participants helped real yields drop mid-presser alongside nominal

yields, with breakevens moving higher, though that's admittedly a bit of a

stretch... "I will also say to you that a number of people wrote down, and you

can't see this at this level of detail, but, today, but a number of people did

write down overshoots of inflation as appropriate, under appropriate policy."

- Also "We are not at this place but if it becomes appropriate for us to

purchase other short term coupons securities, we would be prepared to do that,

if the need arises. But we are not in that place." Doesn't exactly sound like

QE4 is imminent.