As @Yogi_Chan exclaimed (correctly) amid today's chaos: "This stupid f*cking market reaction to the Fed is making it incredibly hard to write market wraps."

RE: the market reaction.... pic.twitter.com/yZAqysTF1p

— RANsquawk (@RANsquawk) February 21, 2018

Lots of desperate hand-waving on CNBC... 

Video length:00:00:20

As the apparently "goldilocks" Fed Minutes were really anything but...The total flip-flop in opinion...

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An exciting higher open and ramp post-Fed Minutes evaporated as stocks dropped back into the red from Friday

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The machines lifted The Dow as the FOMC Minutes hit, tagging Friday's close stops and then plunging back 300-plus points as bond yields spiked... Perhaps more worrisome is The Dow broke back below ist 50% retracement level...

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The S&P could not sustain its 50DMA again...

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After crashing at the cash open, VIX ripped back up to 20 as stocks slumped...

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Treasury yields spiked notably after the Minutes... (long-end dramatically underperforming)

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The yield curve steepened significantly...

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We do note that while 10Y snapped above 2.95%, it seemed to find resistance in the stops above the CPI spike...

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Quite a wild day in FX markets as the dollar dumped then jumped after the FOMC Minutes...

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The sudden dollar strength monkey-hammered commodities which all tanked (after kneejerking higher immediately after the Minutes)...

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Cryptos gave up their recent gains overnight, shifting back into the red on the week... Bitcoin is clinging to gains

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It appears Bitcoin wanted to play catchdown to Nasdaq...

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Second day in a row of losses for "bond and stock" holders...

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Finally, we note that if bonds are right, Copper needs to reaccelerate in its excited inflationary impulse way relative to gold again...

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