This is probably the most consequential chart of the day.
Following the Fed’s decision to not “taper” (i.e., not reduce the pace of bond purchases) interest rates plunged. Not only will the Fed keep up the bond buying, Ben Bernanke went super-dovish in his press conference, suggesting that easy money and bond buying could last a little while longer.
Here’s a look at yields on the 10-year Treasury bond year to date.
Just the other day yields hit 3%. Today interest rates flat-out collapsed.