Bigger fish to fry

The FOMC decision caused a 20 pips drop in the US dollar against the yen. It was quickly bid back up and is now trading about 10 pips higher than it was before the decision.

Those are miniscule moves but the market remains comfortable with a December hike. The odds ticked up to 87% from 85% in the aftermath of the decision.

With December basically sorted and telegraphed, the market is focused on what will happen in 2018 and that will largely be up to the new Fed chair. It's Powell or Taylor and we will find out in less than 24 hours.

Given all the leaks it would be a big surprise to see anyone but Powell, although with Trump you never know. Yellen could certainly still be in the running.

The tax plan is probably even more important. It will have enormous consequences for stocks but the details will be key and the impacts will vary by industry. On top of that, the Treasury market will want to get a handle on how much growth it will create along with the potential for larger deficits.