The Fed also reiterated that they will purchase 1.1 trillion in mortgage backs by year end in an effort to keep mortgage rates low.

Fast market conditions exist with the 10 year note currently down 11/32’s (yield 3.69%), mortgage backs off 3/32’s, and stocks up 40 something on the Dow.  No talk of exit strategy or change in the Fed Funds rate.  For the most part, the statement was “Ham on Rye”.  Talk of continued weakness in the economy with some stabilization noticed.  The Fed also reiterated that they will purchase 1.1 trillion in mortgage backs by year end in an effort to keep mortgage rates low.  Market trading is extremely volatile so don’t fall asleep at the wheel.

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