We are witnessing some major moves post the Fed decision today. Powell has managed, among other things, killing US yields.
The reaction in the US 10-year yield is huge. The 10 year is breaking massive levels and trades at January 2018 levels. Equities spiked, but these huge moves in the big assets (Rates, FX) should not be ignored.
The SPX continues widening the gap versus the US 10 year yield. This is one of the more important charts to watch.
Another top global risk indicator, the JPY, moves violently. This should not be seen as risk on.
The dovish turn at the Fed is making the yield curve even flatter. The 3 months/10 year is imploding. This has been a reliable recession indicator. It is actually ironic that the odds of a recession have increased post the FOMC.
You can choose to look at the spike in equities, or choose to look at what the big assets are doing. It´s up to you.
Source, charts by Bloomberg