Yesterday’s FOMC induced rally continued overnight and into the early morning. The benchmark 10 year treasury note fell to a low of 2.28 at the open, but was unable to move any lower.

We did receive a couple economic reports this morning at 8:30 and 10:00am which were ignored by the markets. Jobless claims posted a 1k drop to 287k beating expectations of 294k while Wholesale Inventories rose +0.7 beating economists’ expectations of only a +0.3 rise.

We also heard from a few Fed speakers as well as ECB head Mario Draghi. There was nothing new from any of them so markets continued to drift higher as investors booked profits.

Once the results of the final auction of the week were announced, yields stabilized and basically tracked sideways, neither adding to or regaining the earlier losses. Many lenders were reported to have repriced for the worse.