- No Change to Rates
- Bowman and Waller dissented (expected)
- No major verbiage changes
Bonds were already recovering AM losses ahead of the Fed announcement and they haven't moved much afterward. MBS are still down 1 tick (.03) on the day and 10yr yields are up 2.4bps at 4.345.
The only verbiage change was MILDLY rate-friendly in that it characterized economic growth as "moderating" whereas it previously said it was "continuing to expand at a solid pace. Tangentially, the Fed dropped a line about economic uncertainty diminishing.
The net takeaway is, again, MILDLY rate-friendly, and that jives with the inoffensive trading reaction.
