Heading into yesterday's rate hike, recent evidence suggested the longer end of the bond market would appreciate a hike. There was no telling exactly how this would impact rates on Fed day itself--only that it was probably the lesser of two evils in the coming weeks. It was highly reassuring to see essentially no reaction to the rate hi... (continue reading)

We love it when a plan comes together. Heading into yesterday's Fed announcement, the hope was that a rate hike would reassure investors in longer-term bonds (like those that underlie mortgage rates ). We also didn't expect that benefit to necessarily play out on the day of the hike itself (it didn't).  In fact, Fed day threw rates a bit of a... (continue reading)