The tone, tenor and substance of what you had to say is very different from what we heard before.

The PRC was harsh in tone but hollow in substance.

Each substance of a grief hath twenty shadows

What we are reacting to is the somewhat stronger than expected tenor in the November employment data - that's it in a nutshell.

The tone of the statement, which I read as being surprisingly upbeat, considering everything we've heard, seemed to indicate that the whole idea that they might buy [longer-term bonds] is off the table, ... Unless we have real signs the economy is faltering, we may have already seen the bottom in mid-to-long-term rates.

I don't know what you heard, but I didn't hear much.