- SOFR +2bp to 4.36% as RRP just hit a new 4yr low (repo stress)

- 2Y now back below 3.7% signaling urgency of rate cuts

- Housing/mortgage equities continuing to rally almost certain 10Y is heading below 4%

Could be wrong, but combined together,

I sense a msg that some parts of the market sees the #Fed cutting not because it can, but because it has to.