No economic news is on the calendar today.  The mortgage markets have retreated slightly from the euphoria of Wednesday.  Market participants are continuing to try to digest the impact of the Fed announcement that it would be purchasing an additional $750 billion of Fannie Mae and Freddie Mac mortgage backed securities (MBS).  The consensus for now appears to be that rather than cause rates to move dramatically lower, the Fed action will simply keep rates steady.  What is not exactly clear is what steady means.  Is it 4.5%?  5.0%?  Also, the assumption is that due to the prolonged recession, fixed income investors will let go of their fears that inflation will become a problem.  This is an assumption.