Does The Fed Still Matter?

Bonds sold off overnight as the reality of Trump's victory became apparent.  Traders more or less nailed the trading levels right out of the gate.  This didn't leave much room for volatility during domestic hours (10yr yields started the day around 4.45 and are ending around 4.43).  Given the all-consuming focus on the election, it would be easy to overlook the fact that Thursday brings the next Fed announcement (it would normally be on a Wednesday, but some smart person pushed it back a day). Does that even matter in this environment?  Frankly, probably not too much.  At the very least, the market is 100% prepared for a 0.25% rate cut.  The statement and Powell will both likely acknowledge improvements in economic data--especially the big shift in NFP--while at the same time reminding the market that the Fed is playing a long game and not to read too much into one month of data.