Meaningless Minutes

Since 1/22, the daily change in bond yields on days the Fed releases meeting minutes (which happens eight times/year) versus all other trading days is insignificant. For the 2-year Treasury, on minutes release days the average absolute daily change is slightly over five bps, on all other days it’s almost six. And that’s the most extreme outcome. For the 20-Year, the difference is less than half a bp. Snooze on.