As always, it's important to remember that bonds may look like they're moving in several different directions in the immediate wake of a Fed announcement before ultimately choosing one.  

For now, the first move is weaker, wait... stronger... no, weaker.  Well, you get the idea.  Bonds are actually all over the board and not in a very exciting way.  In fact, as far as FOMC reactions go, this is one of the tamest you'll see.

10yr yields moved up to 1.798 from 1.186 and are back down to 1.788.  Fannie 3.0s remain an eighth of a point higher.

More to follow on the details of the announcement.