The idea that, at minimum the Fed will announce some form of operation to flatten the yiled curve seems to be widely expected.
Doing nothing would be pretty bearish.
But looking at new lows in the yield on the 10 yr this morning makes me think that everybody has already front run the expectation.
Maybe we'll get a big surge in risk- not becasue anyone thinks this stuff does any real good but becasue all the money has already run to the long bond and when it comes out it will have to go soemwhere.
