MBS are down -7/32 (FNMA 30-yr 3.0 at 101.12), around 9/32 below morning levels, and near the low for the day. Unfavorable repricing was seen. Despite weakness in the Retail Sales data, investors sold MBS ahead of tomorrow’s Fed meeting. The March NAHB Housing Index showed that home builder confidence was flat at 58, below the consensus of 59. The Dow is up 20 points. Tomorrow, the Fed announcement will come out around 2:00 et, and Fed Chair Yellen’s press conference will begin around 2:30 et. No change in the federal funds rate is expected, but the comments from the Fed could have a significant impact. In addition, CPI, Housing Starts, and Industrial Production will be released.