Interest rate markets had just gotten used to the idea that the outlook for the Fed was in the balance, but the tone of media coverage suggests that might have been a step too far.

Media sentiment is certainly much less dovish today than it was in September, but it is still dovish, especially for certain members of the committee, from Waller to Powell.

The Fed’s communication black-out begins this week ahead of the January meeting, but, going into that meeting, tone remains much more constructive than market pricing on the prospects for more easing.