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Historic rate collapse to slash mortgage costs, sooner than expected

They say the Fed hikes until it breaks something.

Well, this qualifies.

"The SVB saga has created an almost unprecedented black swan event for the bond market," RBC Capital Markets wrote today. "The 3-day decline in 2-year U.S. yields is a 7-standard deviation event back to 1984..." — i.e., incredibly rare.

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