There was some very aggressive trading pushing market interest rates down just before the Fed released its statement announcing that the Fed would maintain interest rates at current levels. This would have been the trade to make if a trader knew in advance that the Fed would maintain rates at current levels.
Here is the live blogging by CNBC's Everett Rosenfeld just minutes before the Fed statement was released:
After the decision (in five minutes) make sure to stay tuned as CNBC breaks down the Fed statement and all of the market reactions.
Treasuries as of 1:58p:---The 2 year yield is dropping fast ahead of Fed statement.
• US 2-Year (US2Y) yields lower at 0.775% high of day was 0.8150%
• US 5-Year (US5Y) yields lower at 1.561%
• US 10-Year (US10Y) yield lower at 2.262%
• US 30-Year (US30Y) yield lower at 3.054%
---And here comes the news...-Everett Rosenfeld