What will Carney do

The thinking after today's comments is that Carney is less-enthusiastic about hiking rates than we thought. The market still sees a high probability of a rate hike in November but it might be a one-and-done, at least for awhile.

For November 2, the OIS market is pricing in an 80.6% likelihood of a hike -- that's been roughly steady for the past month.

The second hike is where it gets interesting. There's a 10.2% chance priced in that Carney will hike again on December 14. By March, that rises to 31.0%, down from 34.4% yesterday.

It diverges from there with a 10% chance of four hikes before year-end 2018 and a 23% chance rates only go up once in the next 14 months.