There are two sets of rates at play here, short-term OMO rates (which the Fed talks about in terms of target rate) and long-term rates (which are directly impac

There are two sets of rates at play here, short-term OMO rates (which the Fed talks about in terms of target rate) and long-term rates (which are directly impacted by the Fed balance sheet). At the end of the day they're both rates, and nobody sophisticated is going to be fooled if only the short-term rates go down.