Closer look at latest Fed speak

Long-term mortgage rates fall after Fed hike this week

The next two weeks are the traditional holiday “dead time” in the markets (bond-market people use such cheery metaphors all year ’round), and so the passage of an extraordinary transition this week has been lost on vacation.

Like your luggage, to be found in January.

The Fed’s statement after its last 12 consecutive meetings said that it had acted to “remove excess accommodation.” After the 13th, on Tuesday, raising its rate again to 4.25 percent, the Fed removed the phrase itself.