Fast market conditions exist as the FOMC did not give the fixed income market what it was looking for (blanket policy to add to quantitative easing measures).  They did however leave the door open for more accommodative measures due to deflation concerns, the lack of employment growth, and slowing GDP.  The quick trade was to sell bonds, notes and MBS.  We have since came off the sell side, to flatten out and recover.   Keep your guard up, Austin mortgage borrowers – the volatility is huge.