It's a beautiful thing my friends, and should lift your spirits a bit heading into the weekend.

In breaking news, the Wall Street Journal is reporting that the Federal reserve is nearing the point at which they will announce the details of the plan to "backstop" the GSE's. It was said that a mandatory change in senior management was part of the deal.

The industry is abuzz with speculation on the time frame for the final announcement with the earliest estimates being later tonight or this weekend. Post Close stock prices are higher for both and we've almost instantly recaptured 7 ticks on the 5.5 coupon bringing us back to 99-20.

This is one of those times where we are between the close and "going out" where we can actually infer something from price action as this constitutes a major unexpected announcement.

Whether or not this late day momentum can carry into monday is unknown, but at least it should offer a modicum of relief for thoe of you staying in the float boat. In addition, spreads have tightened wildly in the past 10 minutes. The only downside here is that none of this rally will be priced into today's rates. So we will have to wait for Monday's data/trading action to either bolster or squash this trend.