Well we will have the monthly Fed Chair press conference after the monthly FOMC meeting in a couple hours. While it seems pretty obvious that there will be no changes of consequence coming out of the meeting one never knows how silly folks will twist and turn the words to make it an event of importance.
This morning we had quite a mixture of economic data released which again probably just keeps us in a Goldilocks income market.
ADP released their monthly employment numbers and showed a super strong job gain of 275,000 for last month–seems crazy high and the markets seemed to blow it off as unimportant or just wrong. The manufacturing index was released at a soft 52.8% versus a forecast of 54.7% and construction spending was announced at a -.9% against a forecast of -.4%.
With this mixed data the 10 year treasury yield has fallen to 2.48%–off 3 basis points. This is not enough movement to be really meaningful, but it can change quickly this afternoon with the Fed statement and press conference.
We will wait and see if there are ‘fireworks’ this p.m.