Fed comes through with a BIG surprise!!

Well, they did it, 50 bps rate cut from the Fed, even though the initial bond movement has been positive meaning an improvement for mortgage rates, that's not usually how this news reacts for the bond market.  I would be very skeptical on this, keep an eye on the stock market and the bond market, things may change very soon and we could see a drop in the bonds causing rates to worsen.

Either way, it's a big surprise they cut more than .25% to me, and we'll see what this does for the short term economy.