US short-term yields have stabilized after slipping as low as 0.407% in the 2-year note earlier. We trade now at 0.423%.

10-year notes are down another 4 bp to 2.54% and we are now closer to the bottom of the recent range in yields (around 2.42% than the top (around 2.85%).

USD/JPY has been the clear loser, falling back toward 84.50 in the wake of the Fed’s statement yesterday afternoon.