Fed, yup real interest rates are doing the work of the fed for um. I would forget about interest rates and watch the close on the $spx tomorrow (wednesday), should it close above 1145 then rates won't matter to the market for a few weeks to a month or so.
Fed: the 5 and 10 year T notes have risen a bit, but they also dropped a bit too much too. If I recall correctly, the 10 year t-note kissed 3.70%. Kinda like stocks; they sometimes run up too far, and decline a bit too far.
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