The bond market does what it wants

Here’s a reality check of sorts on the breathlessness with which we all — and by we, I mean us too — greet pronouncements from the Federal Reserve.

The bond market heard Fed Chair Janet Yellen speak today, and couldn’t have cared less.

The often quoted 10-year Treasury note closed at a yield of about 2.3 percent — right smack where it opened before Yellen said a word.