Fed Cuts...

by a half point. Didn't get it up here, but that was obvious beforehand considering TOMO operations from yesterday and today. The weakest collateral was bid and accepted at 3.15 and 3.17%. The banks are still not showing any great desire to borrow except at very low rates. The rate for Treasuries was 2.15% That's far below both Fed Funds Rate and ten-yr. Treasury yield.

I went into this news 50/50 long short because I'm still not sure how the market will react. The initial jump was to the upside, with financials benefitting.