After Federal Reserve Chair Kevin Walsh’s press conference, long-term US Treasury bonds showed their displeasure, with the 30-year yield surging more than 11 basis points in a single day.

This dramatic movement signals just one thing: the market is telling Walsh that the Federal Reserve should have raised interest rates today.

If persistently high price discovery and volatility become the new normal, stock markets will not be pleased. This explains why major stock indices all gave back their initial gains.

Fed holds rates steady, but internal divisions are clear: three committee members voted for a rate hike.