Most of the conceptual analysis of today's action was already covered in the Mid-Day.  There were no significant developments into the afternoon, but bond markets continued to rally in linear path.  If there had been any argument to be made for connectivity between stock prices and bond yields, it went out the window in the afternoon as stocks swung wildly lower and higher without so much as a passing glance from bond markets.

10yr Treasuries hit their official 3pm close 3bps lower at 2.58.  Fannie 3.5s are 9 ticks higher and still climbing with an hour left.  These levels are notably in line with those seen before this week's FOMC events.  In fact, MBS just ticked to their best levels of the week.  Most lenders released positive reprices in the afternoon, but rates remained in line with recent highs in general.