So we are about an hour away from the FOMC announcement on the Fed Funds rate–no drama in this announcement as everyone knows there will be no rate decrease at this time. BUT there could be drama with Fed chair Powell during his presser which follows up on the announcement—you never know what may be said.
This morning we had housing numbers being released—pretty soft with housing starts down over 9% month over month and about the same year over year. Building permits were off some as well. Mortgage rates remain pretty flat in the 6.80% area (of course depending on credit scores). 1st time unemployment claims came in kind of soft—level with the last few weeks, but elevated from earlier this year. Let’s face it almost everything shows a slight softness.
Equities are steady while interest rates are a tiny bit lower–down 4 basis points to 4.35%.
Well time to sit back and watch the news roll out. I may watch a little of the presser–but not much. I don’t buy or sell on these types of days–why do something stupid with a knee-jerk move.
Tomorrow markets are closed for the holiday.