The 2Y Treasury yield is down 45bps from yesterday's highs...

That is the biggest 2-day drop in the 2Y yield since Lehman (Sept 2008)...

Source: Bloomberg

The market's expectation for Fed moves has shifted dramatically more dovish with the terminal rate tumbling by over 40bps and a full 25bps rate-cut now priced-in by year-end...

And gold is seeing huge safe haven inflows...

Will The Fed break its blackout window to soothe market fears?