The key driver for treasury markets today was the focus on "symmetry."

Federal Reserve Chair Janet Yellen basically said inflation has been below target for so long that the central bank can let it run for a period of time above the monetary policy committee's target.

In the press conference afterward, she went on to say that her preferred measure of inflation is still below target. 

For now the markets are rallying on this clear display of dovishness with equities, credit, rates and commodities all gaining.

The question for tomorrow and the coming days is how much new information was really provided (Yellen being a dove is hardly new) and how much of the post-announcement rally was short-covering and investors buying into a Goldilocks scenario who might yet be disappointed when we step away from the screens and reflect on what we actually learned today?

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