Ahead of today's 2:00pm ET release of the Fed statement, cautiously floating is recommended. However, that can quickly turn to locking. 10-yr T Note yield 2.28%, up from 2.25% at yesterday's close. The MBA reports its Market Composite Index, a measure of total loan application volume, +0.8% in in the latest survey. The MBAs refinance index +2%, purchase index near unchanged.After trading in positive territory earlier this morning, S&P futures fall to unchanged levels. Traders cautious ahead of the Fed. The Treasury will sell $35B 5-yr Notes today - results at 1:00pm ET. June Pending Home Sales -1.8% from May, below the +1% expected. Stocks push into positive territory. MBS at session lows.