• No change to the Fed's rate hike outlook (via the dots)
• Rates hiked as expected
• Fed talks in some detail about reinvestment reduction (more to follow... this is what's hurting bonds, most likely)

Fannie 3.5s were down a quick eighth of a point, but it's too soon to rule out knee-jerk reactions.  10yr yields spiked just slightly initially, moving up to 2.2127, but are now back down to pre-Fed levels.