What the markets seem to be most interested in is the Fed’s plans for 2019 and future years. After the previous FOMC meeting, the Fed was expected to make 3 more increases next year. Recent concerns about economic growth, both here and globally, have raised some doubt that they will still make that many increases next year. Good news for bonds and mortgage rates would be a clear downward revision to that estimate. It appears the markets have already priced that move in to current levels. If the Fed fails to indicate that next year’s plan is likely to change, we could see bond prices tank this afternoon and mortgage rates spike higher.