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A hair weaker overnight with additional selling after data. MBS down 5 ticks (.16) and 10yr up 5bps at 4.373
A bit of resilience heading into Fed announcement. MBS down 2 ticks (.06) and 10yr up 4.3bps at 4.365
very small, friendly reaction to Fed. MBS down 1 tick (.03) and 10yr up 2.6bps at 4.348
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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.