If you’re trying to visualize today’s move from the Fed then look no further than the Fed Funds Futures curve. Just 24 hours ago the curve was a full 25 bps higher than today. This move was the equivalent of a rate cut. Unfortunately, rate cuts stopped working about 2 years ago….
Nonetheless, the change in the curve shows just how much expectations have changed in 24 hours. The Fed has essentially pancaked the yield curve: