Post election, the stock market is soaring upward with the DOW rising over 1,300 points and the broader Russell 2K up 4.86% after only three hours of trading. Interest rates are also rising; the 10 year treasury is up 0.15% this morning and MBS prices are down 56bps.

The FOMC begins their two day meeting today.  At the conclusion tomorrow, there’s a 99.3% probability that they will cut rates by 0.25% and a 0.7% chance of a 0.5% cut. This move could be a