Thursday’s market action saw investors flip the equity/rate dynamic “where selling in large cap tech companies was accompanied by constant bond selling,” said Jim Vogel, executive vice president at FHN Financial, in a Friday note.

"Even over the course of the first two weeks of January, the second week of Fedspeak in terms of the tone and the seniority of the officials that sounded more hawkish than they did in December grew quickly," said Jim Vogel.