this is a realized volatility moment similar to december's move, but this time dovish tones may work in opposite fashioned. the fomc has placed themselves on the sides, however interest rate differentials will play a pivotal role on the months ahead. many have noticed rates, and currencies fluctiating like trump-coin.. and the expansion of velocity in the 10 year note market is exactly why. last time (decemeber) we managed to calm the market by flipping the dovish cue by powell and gang. we're now entering the same scenario excpet we dont have the tools to draw from. traditionally the fomc has maintained a 5bps interest rate cut range to draw from when things got drastic... currently we're at 2.50 bps that we can cut from, so half the firepower we're usually used to during a downturn, yes we're willing to engage in more QE and the fairy tale of modern monetary theory (what a joke) is growing. but much like a heroine addict you only can chase the dragon so many times. the kicker is that global QE is presenting a similar scenario of 'beggar thy neighbor' or competitive devaluation. we'll have to keep a close eye on this one going forth, but man o man are we in some funky times