At 11:00 am PST today, the FOMC will wrap up their two-day meeting and we will learn if they have decided to make any adjustments to the Fed Funds rates. It is not anticipated that they will make any changes at this meeting. As I write this (7:35 am), mortgage backed securities are up about 22 basis point, which is following a weaker than expected ADP Employment Report. The DOW is at 38,493.
Stay tuned! I will continue to update this post throughout the day.
11:05 Update: No big surprise here – the Board of Governors voted unanimously to maintain the interest rate at 5.4%. Next up is the FOMC press conference at 11:30 am. MBS are essentially unchanged (down a hair). DOW is at 38,407.
12:2o pm. The press conference is over. DOW and MBS are pretty steady. No big movement as of yet from the markets. Powell did state that he doesn’t think that it’s likely that there will be a rate cut at the next meeting in March.
DOW closes down 317.
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