Despite uber-dovishness, stocks did not play ball with The Fed as it appears we have reached a tipping point in central planning credibility... "You're just nothing but a dumb bear..." 2016 it is... Dec odds drop to 49%... Only one thing mattered today... 1400ET and Yellen's bullshit explanation why The Fed will never, ever, raise rates... (note the move in bonds and USD early when Hilsy seemed to leak the decision)... Not pretty... VXX bounced perfectly off its 50 and 100-day moving average, closing unchanged... Investor rushed into the safety of Biotechs!!?? And dumped financials... EM was bid briefly, then dumped... Which left the short-end of the curve lower on the week, collapsing across the curve today... biggest drop in 5Y yields since March... with a dramatic steepenig in 5s30s (up over 6bps today) The US Dollar was crushed down 1% on the day.. the biggest drop in a month... Commodities all surged post-FOMC as the dollar dumped with Gold and Silver leading the day... Charts: Bloomberg