The degree of the reaction to individual indicators has risen or fallen depending on the economic situation and the focus of policymakers; for example, the reaction to price data decreased in recent years as low, steady inflation became more firmly established, and the reaction to labor market data increased as the “jobless recovery” became more of a focus.
But we do not see a general falloff in the strength of response, as one might expect if markets were relying more on central bank views and less on their own interpretation of data. That markets continue to react strongly to incoming data is not surprising.