Mortgage Bonds are modestly lower after the recent big move higher in the past few weeks. Carefully floating is recommended. The 2-day Fed meeting kicks off today with the monetary policy statement being released at 2:00pm ET tomorrow afternoon. MBS open lower after the big move higher since July 13. The Fed will be purchasing a sizable amount of Fannie/Freddie 30-yr 3s and 3.5s this morning. 10-yr T Note yield rises to 2.26% from yesterday's close of 2.22%. July Consumer Confidence falls to 90.9, from the 101.4 recorded in June and below the 100 expected. The home ownership rate declined to 63.4% in Q2 of 2015, the lowest rate since 1967.