Immediate movements after the FOMC don't mean a lot, they're mostly just traders who were positioned around the meeting. There were no surprises either. The Fed raised as expected and guided for another hike. Multiple governors in the last couple of weeks have mentioned that they might have to do more. There has been no fiscal retrenchment in an admin that promised it on the campaign trail. State directed capital investment is picking up steam across multiple sectors. The war in Iran is not stopping anytime soon. The WH is floating the idea of a diesel export ban. Meanwhile, private sector nominal GDP is running over 8% Q/Q annualized. Higher yields make sense in context of all this.