The 10 year note dropped 50 basis points, posting the biggest one day rally (over 4 points) I’ve ever seen

Yesterday’s shock and awe move by the Federal Reserve has once again thrown us another challenge.  The 10 year note dropped 50 basis points, posting the biggest one day rally (over 4 points) I’ve ever seen.  Mortgage backs have followed suit, up about 1 point or more from Tuesday’s close.  

These are unprecedented times.

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