Lotta questions about why markets didn't respond to Trump's attack on Powell. Lemme mansplain: 1. Markets had (largely) priced in that Trump hates Fed independence; 2. But something happened yesterday: The next found of Trump v. Powell. And Powell won! That's the real news.

You might wish the Bond Vigilantes would whip the Administration into line. But that's not their job. They're traders trying to make money, and selling off yesterday wouldn't have made them money.