Fairly Uneventful Follow-Up to Fed Day

Considering everything that transpired yesterday, today's follow-up was about as calm as we could have hoped for.  Bonds lost ground, but the losses were focused on the long end of the curve.  That limited the damage for MBS, which have been hanging out with the middle of the curve these days.  AM econ data was a mixed bag despite appearing to be unfriendly at first glance. If it had any ill effect, it was minimal.  In the bigger picture, Thursday simply represented a leveling-off after Wednesday's rout.  Friday brings monthly PCE inflation, which is certainly capable of causing a big reaction, but it almost never lives up to that potential.