Reuters - The Fed announcement first hit the Treasury market because it was the ultimate flight to quality, along with gold. The Treasuries are the most secure place to park your cash, but right now the market is perceiving it is safe to go out of there, almost across the board: to equities and I think to agency paper. The Fed was always referred to as being the lender of last resort and they are essentially saying we will lend for banks, or give them the ability to use agency paper as collateral.