Dove Love

How can you just leave me standing
Alone in a world that's so cold?
--Prince

As expected, the FOMC cut rates by 25 bips yesterday. It also announced that it would end its QT bond buyback program a couple of months early.

Initially markets disappointed by 'only' 25 pt cut. 10 yr yields reflecting more doves ahead, though, as they are back on recent lows.

Markets realizing the Fed has their back...as usual.