Up 417 points up on the Dow (+3.6%, the biggest percentage gain since 2003). Up 47 points on the S&P. Up 29 bps for the 2-year note yield. I guess that's what happens when the Fed says to the commercial and investment banks (with my apologies to Emma Lazarus
): "Give me your tired, your poor, your huddled masses of illiquid paper yearning to breathe free! The wretched refuse stinking up your balance sheets and preventing you from making new loans."
Now we see if it gains traction and/or has staying power. Interesting times indeed.