9/23/09

With no economic news of note, and the 2-yr auction having gone well, rates are not moving much. Although today’s release of the Fed meeting’s rate decision may change that, depending on the language, no one is looking for an increase in overnight rates. Some economists feel that the Fed will post some language today as to how and when they will begin to wind down the $1.25 trillion mortgage security buying program – but they certainly don’t want to stifle the recovery.