2:07 AM Minutes after the Fed's rate hike and latest interest rate expectations were released, the S&P 500 rose 0.4%, little changed from before 2 PM. The 10-year Treasury yield was 4.95%, unchanged from before the Fed's decision, but lower than Tuesday's 4.995%.
2:30 AM When Warsh began speaking, the S&P 500 was up 0.3%.
2:38 AM During Warsh's speech, the S&P 500 erased its gains.
3:01 AM When Warsh finished speaking, the S&P 500 turned down 0.4%, and the decline later widened to 1%. Before 2:30 PM ET, the 10-year Treasury yield was around 4.95%, then briefly broke through 5%, eventually falling back below 5%, essentially unchanged for the day.
