No change in the Fed Funds interest rate and not much change in the policy statement.  The Fed emphasized their continued commitment to purchase both Treasuries and MBS through October.  Market reaction has been volatile, dropping 19/32’s on the initial print and then rallying back to down 4/32’s.  Currently, we are close to where we were before the release with the note down 11/32’s (yield 3.74%) while MBS are off 6/32’s.  More if conditions warrant.