Markets generally don't like uncertainty, and that may help explain why stocks are closing near their session lows. Under that framework, economic data drives inflation expectations, inflation expectations drive the Treasury market, Treasury yields influence financial conditions, and those financial conditions ultimately shape economic growth and inflation. Under the previous framework, Fed officials regularly telegraphed their policy bias and their views on the economy and interest rates. Since the last Fed meeting, Treasury yields have moved higher, yet the Fed did not feel compelled to tighten policy. Investors are not just digesting a policy decision—they are trying to understand a new monetary policy framework.