The first Federal Reserve meeting of the year left investors stunned. Upon Chairman Jerome Powell’s press conference clarifying yet again that the central bank is not yet ready to pivot to cutting the federal funds rate, the S&P 500 slid 1.61% and the Nasdaq another 2.23%. Odds of a March cut plummeted from nearly 50% to just 31%, with Treasurys futures now pricing in a 2-in-3 chance that interest rates remain at their 23-year high.

Of course, if investors more closely read the Washington Examiner, they would have seen this coming.