While we expected hawkish tilt to the Fed's speakers this week - in confusing opposition to Yellen's dovish commentary - it appears Fed's Evans comments that he "sees more upside possibility in uncertainty" facing The Fed, has sparked a wave of selling in stocks...

• *EVANS SEES MORE UPSIDE POSSIBILITY IN UNCERTAINTY FACING FED
• *EVANS: LOWER CAPITAL EXPANSION MAY REFLECT LOWER TREND GROWTH

And just to confuse more, Evans offered this more hawkish bias too...

“This is a challenging time period to all of a sudden have a big injection of positive fiscal policy expansion because we are pretty close to full employment. We might be at full employment,”

That's not what the market wanted to hear...

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This worried perspective follows Harker's earlier hawkishness:

• *FED'S HARKER: CAN'T RULE OUT MORE THAN THREE HIKES THIS YEAR
• *FED'S HARKER: WE ARE DISCUSSING THE BALANCE SHEET
• *HARKER: BALANCE SHEET TILT SHOULD BE TO TREASURIES, LESS MBS

Bonds don't seem to care...

(Click on image to enlarge)