FOMC StatementAug 22 2013
Overall, Fed officials showed broad support for Bernanke’s tapering plan, starting with the reduction in purchases later this year which is totally data dependent. Still, all agreed that starting to taper now is not appropriate. Mortgages coming off of the morning highs right here on little to no trading. Fannie 4s are only off about 4 tics post-Fed, as we’re starting to see some money managers starting to buy mortgages here. They were down about 13 tics immediately after the release. Will be back with more on the Fed Minutes.