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But market expectations have long trailed the Fed's, and still do.

source: http://www.businessinsider.com/market-risks-repeating-1994-bond-sell-off-2016-5

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  • In this sense it means that there is a time delay between the Fed's actions and market expectations. – Hot Licks May 20 '16 at 11:18
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Trail:

  • (when: intr, often foll by behind) to lag or linger behind (a person or thing). (Collins)

The sentence suggests that markets expectations in the past have followed and are still following what the FED is doing, or is expected to do, in terms of monetary policy.

  • Contrast with leading indicator, which (theoretically) allow one to predict the behavior of the market. – Mike Harris May 20 '16 at 13:40

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