More on the markets. Let's bring in CNBC contributor Peter Bookvar, chief investment officer at one point BFG Wealth Partners. Peter, great to have you with us.Um, what does it look like. How bad is it in your view if they quote unquote lose control of where the yen is going and where JGB yields are going in terms of not just the carry trade. Um, but also as Guy had alluded to, the money that Japanese investors have invested directly in other assets around the world and that's a lot of it is uh US treasurie ...

Group 1 - The meeting was characterized by a focus on being "well positioned," suggesting a cautious but stable outlook from the Fed [1][2][5] - The Fed Chair expressed skepticism about the accuracy of monthly job gains, indicating a potential overstatement of 60,000 jobs, which could imply a more negative job report [2][6] - Inflationary risks were deemphasized, with the Fed Chair framing inflation as less of a concern and highlighting progress made in controlling it [3][4][5] Group 2 - The Fed has cut rates by 175 basis points since September, yet the 2-year Treasury yield remains unchanged, indicating a disconnect between Fed actions and market responses [6][8] - Despite the rate cuts, long-term interest rates, such as the 30-year Treasury, have increased by approximately 75 basis points, suggesting that lower Fed rates may not be beneficial for long-term rates [8][9] - The yield curve steepened following the Fed's cut, with the difference between 2-year and 30-year rates reaching about 124 basis points, indicating potential future increases in long-term interest rates [10]