Mortgage Bond Market Analysis - Hump Day edition (and Fed interest rate decision edition)

Happy Hump Day.  Yesterday I said we would have the Fed interest rate decision at 2:15 EDT - that's what I get for traveling and thinking yesterday was Wednesday. Happy Hump Day to me and everyone else - TODAY is the Fed's interest rate decision at 2:15 EDT. The market is already hedging it's bets a bit as the FNMA benchmark bond is down 25 basis points this morning after closing up 35 yesterday. It's having a hard time putting together a consistent run to the positive side after a big slide over the past few weeks. You may want to lock ahead of the decision but we may get luck and the Fed will say something that soothes the market and entices bond investors to get back in - don't count on it. I'm heading out on the road so it's just a short post this morning.  Make it a great day.