The Fed’s announcement that it will employ extraordinary measures to boost the economy has pushed US yields to breathtaking fresh lows this morning, down about 35 bp at the long-end of the curve. 10-year Treasuries yield 2.15%, down from just above 2.52% ahead of the Fed. Mortgage rates are tumbling as a result, which could provide immense stimulus for the economy when combined with the boost from lower energy prices. We still have a long way to go before digging our way out of this mess but the environment is gradually becoming more accommodative for Main Street as well as Wall Street.