Rate Party Extends a Second Day

Fed chair Powell is like the James Bond of central banking – licensed to thrill.

And did he ever. The Fed banker with the golden gun started the rate festivities early this week, leaving mortgage originators feeling like they just hit the jackpot.

The 2-year #GoC# yield—which often front-runs BoC policy changes—dove with U.S. rates. It's now below its 18-month moving average (MA) for the first time since 2021 (chart below).

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