Yesterday afternoon, the FOMC announced its decision to taper  monthly asset purchases by a small amount but offset this with dovish forward guidance, a decision that was received as a resounding positive by the market, as risk assets caught fire. High yield traded with a stronger tone throughout the afternoon, taking the move higher in  Treasury yields in stride, though volume was light as we head into the last few trading days of the year. Just one deal priced yesterday for proceeds of $500 million, and only one deal remains on the calendar left to price this year. This morning high yield is opening quiet, but still generally positive post yesterday’s Fed decision.