stock-marketTouting a significant Global slowdown, the Fed kept the target funding rate unchanged.  In the policy statement, the language concerning the purchase of Agency paper (MBS) remained unchanged.  They did however, open up the possibility of buying treasuries to keep interest rates stable.  Fast markets exist with mortgage back securities down 3 to 5/32’s, stocks up 220 on the big board, and the 10-year note  sliding, down 38/32’s at a yield of 2.64%. 

Be careful out there.