Very Tame Reaction to The Fed as 10yr Targets 1.0%; Forbearance Plans Extended; Applications Ebb

Very Tame Reaction to The Fed as 10yr Targets 1.0%; Forbearance Plans Extended; Applications Ebb

Very Tame Reaction to The Fed Despite Bond-Friendly Message Bonds took a bit of a lead-off heading into today's Fed announcement as 10yr yields flirted with a break below 1.0% for the first time since cresting that level in early January. As expected and hoped, the Fed statement was a snoozer. If anything, it was bond-friendly and Powell's press conference even more so. Still, bonds barely budged. Stocks were much more volatile with S&P futures falling more than 3% by the end of the day. Last but not least, here's an obligatory Game Stop price update: 339.7 at the close, more than doubling yesterday's close. Econ Data / Events Fed UMBS Schedule 10am, 1130am, 1pm Durable Goods: 0.2 vs 0.9 ( Core CapEx : 0.6 vs 0.6) Market Movement Recap 09:09 AM Bonds rallied moderately overnight with most