Initial reaction is positive.  Not much change in MBS or Tsy's at the moment.  But have seen a few upticks...  Jury still out, but so far, muted pre-FOMC response as expected.

• High Yield - 1.78%, trading was at 1.72 prior to results.  only 13.08% at high
• Median yield right with current trading
• Bid to cover was 2.89, slightly better than recent average. 
  
• 62% indirect bid, fairly healthy

chart from AQ's last post for context: