NOMURA: It Was An Epic Week, The Rules Have Changed, And There Will Be No Reversing The Fed's Big Bang

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Here's how you know we had a huge week in the market: Research analysts start using blogger terminology in their notes.

George Goncalves, the top interest rate strategy at Nomura, has a note out titled "The Fed's Big Bang Moment, Reversible?" and it starts like this:

An epic week, to say the least, as markets re-priced to what some are calling the start of a new hawkish Fed world order.

And it gets better:

Unless one believes in time-travel, one cannot reverse the Fed‘s big bang moment. Given the rules changed, we need to respect the shift, take a step back and re-analyze our views for now.

So what exactly happened this week to prompt such talk of "epic" moves?

Well if you were only going to look at one chart, it would have to be the yield on the 10-year US bond.