US industrial production 0.0% versus 0.3% expectedKansas City Fed's Schmid: recent data suggest inflation trending above 3%Japan conducted an FX rate check earlier - reportHow have interest rate expectations changed after this week's events?Markets:Gold up $41 to $4381US 10-year yields up 6 bps to 5.01%WTI crude oil down $1.66 to $95.56AUD leads, JPY lagsUS stocks finish flatBitcoin up 6%The newsflow was fairly light in North America but the market moves weren't. Eyes remained on bonds in the aftermath of the FOMC decision and the tug-of-war continued, this time pushing yields back close to 19-year highs. The front end stepped up again, with 2s to 4.75%, the highest since 2024 and close enough to 10s to start thinking about yield curve inversion if the Fed meets the 2-3 further rate hikes priced in.The pressure on the short end helped to lift USD/JPY but that ran into trouble at a high of 158.05. That's when the BOJ did a rate check, according to a Nikkei report. The BOJ hiked rates earlier but the 7-2 vote suggested it might be done sooner rather than later. With that Japanese stock markets put in a strong day as well.Elsewhere in FX, the moves were modest with the commodity currencies and the euro largely flat ont he day. The pound rebounded from the BOE decision but that came after six days of selling.Gold found some buyers despite rising yields in a breakdown in the usual correlation and a positive sign. More impressive was bitcoin up 6% to $81K and ethereum up 7%. Bitcoin withstood the Clarity Act mess and some think it's not dead but the reaction could also indicate underlying demand that was waiting for the dust to settle. It's impressive in any case as Clarity Act headlines are now an upside risk.Have a great weekend. This article was written by Adam Button at investinglive.com.