The Fed Funds rates, on the other hand, only changes/moves at the end of scheduled Fed meetings eight times per year. If bond markets are reasonably confident the Fed will be hiking or decreasing interest rates, they can begin trading accordingly well in advance and thus build that into the rates we see before it is even officially announced. That exact scenario played out over the past month and accounts for much of the move higher in rates from late February through Fed day.
Because bonds were already in position for the Fed hike meaning they had already anticipated the outcome, they were free to react to other aspects of the Fed policy. Specifically, investors were expecting the Fed's forecast to show faster rate hikes in the future. This accounts for some of the move higher in rates in early March. The Fed's actual forecast turned out to be fairly tame and rates were thus able to move quickly lower.
There hasn't been much movement since the initial reaction to the Fed this past Wednesday. Conventional 30yr fixed rates continue hovering around 4.25% for top tier scenarios.
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