Bonds have taken a 100 point beating over the last two days; this equates to having to pay an extra 1% in fees to get the same interest rate as you could have last Friday for free. Even a weak Q1 GDP reading hasn’t done much to curb the price decrease this morning. Q4 GDP for 2014 showed a growth of 2.2% and today’s first assessment of the 1st quarter was expected to show just under half that with a gain of 1.0%. Instead what we saw was 1/10 of the previous gain at 0.2%. What should have been a big boon to bond pricing and lower interest rates has had the opposite effect due to fear of the Fed raising interest rates. The Federal Open Market Committee wraps up their two day session this afternoon and the likelihood of an announcement of a rate hike after seven years at 0% is zero percent.