I'm not sure why anyone is writing article headlines that reference the approaching Fed announcement.  Does the Fed even matter right now?  Or perhaps a better question would be: does the Fed matter enough to be the focal point in headlines?

No, not really.  It's getting the play time for two reasons though.  First, it's a force of habit.  No event has as much market moving potential over time.  So it's hard to mentally adjust to new realities--let alone trust that they'll continue to hold true. 

More importantly, there's not much else going on today.  There is no meaningful domestic data.  And the meaningful events from the overnight session have come and gone.  Incidentally, those resulted in a record low close for German Bund yields (0.354).  That European market momentum (strong bonds and weak stocks) was the biggest motivator for Treasuries.  Things have been even more sideways and range-bound since Europe closed.   In that sense, we really are waiting on the Fed.


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
102-24 : +0-05
FNMA 3.5
105-07 : +0-04
FNMA 4.0
106-27 : +0-03
Treasuries
2 YR
0.5140 : +-0.0010
10 YR
1.7960 : -0.0320
30 YR
2.3610 : -0.0380
Pricing as of 1/28/15 12:34PMEST

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9:29AM  :  Pre-School Painting or Pre-FOMC Consolidation. Same Difference

Live Chat Featured Comments
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Michael Ullmann  :  "so I can do a limited review and price as a sfr? this is great to learn"
Travis Waters  :  "they are called site-condos. SF in a condo project and treated as a SF. I believe the approval of the condo project is easier as well."
Jason Anker  :  "Ann. 09-18: Updated Pricing for Cooperative and Detached Condominium Properties (06/08/09)"
Matt Hodges  :  "haven't had this come up in a while - free standing condos - treated same as typical condos or like PUDs?"