The question now is will it be temporary or long lasting. It's too early to say whether rates continue sliding upward yet. Unfortunately, most of the movement took place since Wednesday afternoon. In fact, rates are now as high as they have been since September 29th!

My personal opinion is that this sell off will pass and we will soon re-visit the rates which were available pre-Fed meeting in the coming weeks.

In the bigger picture, financial markets are now at a crossroads. This is true for both stocks and bonds, each trying to determine if it will move back into the ranges seen in June and July. Or whether the recent move lower in yields and stock prices was just the first wave of a longer campaign.  If the feds stand true at their word, and if we forego any concerns about increasingly weak global economic growth, there is certainly more risk that rates move quickly higher vs quickly lower.