Wednesday 10/29 ... Preliminary Analysis

Focus on slowing economy, weakening exports, downside risks to growth remain, no MBS-specific verbiage, unanimous vote. Full text to follow.

initial reaction for MBS: we are steady at 98-02.

50bps was exactly as expected, so this is likely the most underwhelming eventuality. Stocks look like they might be beginning to sell, as some may have hoped for .75.