Not so unusual ...

Sorry Apollo but I hate to tell you ...

Actually its very reminiscent of the cutting cycle in 1995 ...  75bps of cuts in response to perceived need to normalise as real GDP had slowed to 2.5% pa (from 6.3% nom to 4.6% nominal) in the prior qtrs... this added 130bps on the 10yr ... BTW US current GDP is running at 5% nominal (having slowed from 6.5% this time last year) and US CPI was running at just under 3% then as well ... equally USD went up 24% between Q1 1995 and LTCM (q3 1998)

John Authers points to another parallel...