So far, getting the expected bounce from a neutral to potentially bond friendly FOMC statement.  As we discussed, most pre-statement concessionary selling is already back in the picture as MBS move up 10 ticks in the first 60 seconds.  Much more to be appended here shortly, but wanted to get you out the meaty bits while they're still hot.

(updated content 2:25pm)

Highlights†

• FED: TO GRADUALLY SLOW PACE OF PURCHASES OF AGENCY AND MBS DEBT, EXPECTS WILL BE EXECUTED BY END Q1
• FED KEEPS BENCHMARK RATE IN ZERO TO 0.25 PCT RANGE; RATES TO STAY VERY LOW FOR EXTENDED PERIOD
• FED SAYS ECONOMIC ACTIVITY HAS PICKED UP FOLLOWING SEVERE DOWNTURN
• FED SAYS WILL PURCHASE A TOTAL OF $1.25 TRLN OF AGENCY MBS, UP TO $200 BLN OF AGENCY DEBT
• FED SAYS INFLATION TO REMAIN SUBDUED FOR SOME TIME AS RESOURCE SLACK DAMPENS COST PRESSURES
• FED SAYS LONGER TERM INFLATION EXPECTATIONS STABLE
• FED-HOUSEHOLD SPENDING STABILIZING, REMAINS CONSTRAINED BY JOB LOSSES, HOUSING, TIGHT CREDIT
• FED-MONITORING SIZE, COMPOSITION OF BALANCE SHEET, TO ADJUST CREDIT, LIQUIDITY PROGRAMS AS WARRANTED
• FED SAYS TO COMPLETE PURCHASES OF $300 BLN OF TREASURIES BY END OF OCTOBER
• FED-TO CONTINUE TO EVALUATE TIMING, AMOUNTS OF SECURITIES PURCHASES IN LIGHT OF EVOLVING CONDITIONS
• FED VOTE ON POLICY WAS UNANIMOUS
• FED-ECONOMY LIKELY TO REMAIN WEAK FOR A TIME BUT POLICY ACTIONS WILL CONTRIBUTE TO GRADUAL RECOVERY

Rather than write additional content at this point, or have you read it, you can just refer to the previous post, and know that the "bond friendly" FOMC statement is what we got, and so the expected result is evident in the charts:

Take a breather!

Or read the full text, your choice:

source: www.federalreserve.gov

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†highlights ©reuters