Central bank policy announcements, once viewed as the rule book for how markets should move, are not resonating with traders any more.
Take Wednesday's U.S. Federal Reserve rate move. The central bank lifted its main funds rate by 25 basis points to its highest since 2007 as it continued its fight against inflation.
Yet the S&P 500 hit a five-month high, as traders focused resolutely on the idea that the world's most influential central bank would change course soon.