On Tuesday, I wrote:

" - Wait as long as possible before locking any long term floaters tomorrow.  If things are negative to the point where there are certainties, we'll be sure to let you know.  Any other eventuality would suggest floating a bit longer than you think you need to as characteristically, post-Fed positivity can take days to materialize whereas negativity is normally much more immediately felt."


"- Don't expect lenders to pass on much if any of today's gains as most will be conservatively priced until the FOMC turns on the defogger tomorrow."

and yesterday addressing moderate losses following the announcement:

"As far as the "big picture" is concerned, reprices for the worse would be premature at this point!  Yes, you might get them, but there is no justification for them other than preemptive hedging.  We are seeing NORMAL post-fed volatility and there's just as good of a chance of this afternoon showing gains as losses.  Same story for Friday and beyond. My GUT response was that the announcement would not create a big sell-off in MBS, and would almost say it could be a positive."

I bring this up for two reasons.  First of all, I'm happy and proud.  When we can take these kinds of stances in the face of one of the most volatility-inducing market events, it's always stressful and there's always a risk we could be wrong.  So to see the rally this morning is rewarding and reinforces the value of what we do and how we do it. The fact that AQ and I both consider ourselves merely at the base of the mountain of market knowledge we're climbing creates even more excitement for what we can bring you in the future.

Second, I want to know how this played out for you.  AQ and I get our own rate sheets, but we want to know if you're seeing the same thing.  So tell us: How are prices today compared to Tuesday and say, Wednesday AM?  Oh and by the way, you should be getting a reprice for the better if you got rates between 930 and 11am eastern.  The motivation for the previous pride is the assumption/hope that--beyond the normal market movements--analysis such as this should/could have an uncommonly high impact on your income if you're a loan pro, or your loan if you're a consumer.  If you don't have time to comment much, just let us know what your gains have been since Tuesday AM.

Speaking of gains, here are the charts...  We'll get into (grudgingly) all the drama today and maybe even do up a cool photoshop or two.  ALSO!  Be aware of a stock rally that began just after I made the charts below.  Keep an eye on the RATES PAGE for timestamped quotes, as well as potential blog alerts. 

2's/10's : 251bps



6/24 EFFECTIVE FED FUNDS:   -0.03  to  0.21 from 0.24


O/N LIBOR:      -0.0019   to  0.2738  from  0.2756

1 MONTH:        -0.0037   to  0.3075  from  0.3113

3 MONTH:        -0.0031   to  0.6012  from  0.6044

6 MONTH:        -0.0175   to  0.1137  from  1.1313

1 YEAR:            +0.0050  to  1.6450  from  1.6400