Rate Watch / FED Day 3-18-2009

Cautiously Floating:

We expect a New Fed Statement later this afternoon. While the Fed probably won't move rates their Policy Statement could generate some excitement this afternoon. We will be looking for any comments on the economy, the stimulus package effects and the banking sector. In other news, the Consumer Price Index which measures inflation came in slightly hotter than anticipated. Overall, however, the numbers were tolerable and had no impact on Mortgage Bond prices this morning.