The Fed raised rates by 25 basis points, and Waller's speech was more hawkish than expected. But he didn’t say a word about whether rate hikes would continue, which is what the market cares about most. US AI stocks barely dropped, some even went up, while the Dow Jones took the hit. Treasuries are more conflicted—both short- and long-term yields rose. The rate hike + hawkish tone couldn’t push down long-term yields. It seems like the short end thinks it’s hawkish, while the long end thinks it’s dovish. Very divided.