As @Yogi_Chan exclaimed (correctly) amid today’s chaos: “This stupid f*cking market reaction to the Fed is making it incredibly hard to write market wraps.”

RE: the market reaction…. pic.twitter.com/yZAqysTF1p

— RANsquawk (@RANsquawk) February 21, 2018

Lots of desperate hand-waving on CNBC… 

Video length:00:00:20

As the apparently “goldilocks” Fed Minutes were really anything but…The total flip-flop in opinion…

An exciting higher open and ramp post-Fed Minutes evaporated as stocks dropped back into the red from Friday

The machines lifted The Dow as the FOMC Minutes hit, tagging Friday’s close stops and then plunging back 300-plus points as bond yields spiked… Perhaps more worrisome is The Dow broke back below ist 50% retracement level…

The S&P could not sustain its 50DMA again…

After crashing at the cash open, VIX ripped back up to 20 as stocks slumped…

Treasury yields spiked notably after the Minutes… (long-end dramatically underperforming)

The yield curve steepened significantly…

We do note that while 10Y snapped above 2.95%, it seemed to find resistance in the stops above the CPI spike…

Quite a wild day in FX markets as the dollar dumped then jumped after the FOMC Minutes…

The sudden dollar strength monkey-hammered commodities which all tanked (after kneejerking higher immediately after the Minutes)…

Cryptos gave up their recent gains overnight, shifting back into the red on the week… Bitcoin is clinging to gains

It appears Bitcoin wanted to play catchdown to Nasdaq…