The Fed lowered both their funds rate and discount rates .25%.  More importantly they remained silent on this rate cut being the last.  The bond market initially had a muted reaction and then responded positively.   The stock market which initially also responded positively ended the day in the red as market participants are beginning to suspect that the Fed may know that Friday's April nonfarm payroll report will be a weak one.  At this point we are switching our recommendation from lock to float.  It is important to note that with expectations now set for a dismal nonfarm payroll report on Friday, if the actual report is better than expected we will see rates switch directions again.