Rates for non-agency MBS and consumer ABS are expected to trend lower after the Federal Open Market Committee pulled a fast one on Wall Street this week by contradicting an expected “tapering” of its asset purchase program. Instead, the nation’s central bank announced it was continuing its ongoing purchases of $40 billion worth of agency MBS per month and $45 billion in longer-term Treasury securities. Prior to the FOMC’s meeting this week, the consensus view was that the Federal Reserve would pare monthly purchases of Treasury bonds by $10 billion and agency MBS by $5 billion beginning in October, according to analyst Isaac Boltansky at Compass Point Research & Trading LLC. “The housing sector has been...