Reuters - The Fed action is significant, well telegraphed and seems to be working. Treasuries are down one point, 2-years have gotten crushed and the 2/10 (curve) has flattened by 8 to 182. Agency spreads are in and mortgages tightening. With $200 billion announced last week this is another $200 billion. With $400 billion in liquidity we are now talking some real coin. We expect stocks to trade higher. Both Fannie and Freddie are already up in pre-market trading. Dollar has improved.
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