It's been a day dominated by two central banks, neither of which got the reaction, I suspect,

這是一個由兩家銀行主導的一天，兩家都沒有得到反映，我想

they were expecting.

他們都在期待

First, this is how the yen responded to the bank of Japan's announcement,

首先，是日本中央銀行的政策會讓日幣如何反映

that it was gonna be targeting the remarkably low level of a zero percent ten-year bond's yield.

這本來是要鎖定極低，百分之零的十年債券曲線

You would think that was dovish, but they didn't cut rates, which were already negative,

你會覺得那很平穩，但他們沒有降利率，利率本來就是負的了

and as you can see they actually strengthened the yen.

你可以看到他們加強了日幣

Now, here we have from the Fed, this is how the bond's market responded to the announcement.

這裡我們有來自 Fed 的圖表，這就是債券市場對這項政策的回應

They weren't raising rates, but the three governors had voted to do so.

他們沒有升息，但是三位政府官員投票決定應該要這麼做

A very high level of descent, plainly a hawkish hold you would have thought, bond market hover, treated as those dovish.

很強大的勢力，你可能會覺得是鷹派，在債券市場徘徊，對’抗鴿派

You can see that the stock market really like the afternoon announcement.

你可以看到股票市場真的很喜歡下午宣布的政策

And in particular emerging markets rallied very strongly.

並且新興市場上漲的很劇烈

They always like it when the Fed appears to be lineate.

Fed 呈現線型的時候他們都會很開心

Now according to the Fed's official dots prediction, they are going to be raising rates once this year

現在，根據 Fed 官方的點預測，他們今年會升一次息

and twice next.

明年兩次

This is the probability according to the Fed funds future's market that they actually do that.

根據 Fed 的未來市場，以上是很有可能發生的事

The market is still fighting the Fed. And that's the New York Minute.

市場還是在對抗 Fed。這是 New York Minute