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Very Quiet Waiting on FOMC Meeting Minutes

After ugly trading yesterday equities are trading around unchanged this morning as we await the release of the FOMC meeting minutes (at 1 p.m. central) from July. Yesterday we had retail sales released which were hotter than expected–while at the same time home builders confidence came in softer than expected as mortgage interest rates stay near the highest level in over 20 years.

Today we also have housing starts and building permit numbers released–are these going to soften to match the soft home builder confidence numbers released yesterday?

Interest rates are off 4 basis points from yesterday at 4.18%. It will be most interesting to see what type of reaction rates will have to FOMC meeting minutes. Are rates destined to breach the 4.25% area?

Yesterday Goldman announced they were redeeming their fixed to floating preferred (GS-J) which has recently become floating. It is likely we will see numerous calls on banking issues yet this year as there are issues entering the floating period with resultantly high coupon at current SOFR levels.

I am looking at the 6.50% Nisource fixed rate reset preferred (NI-B) this morning as it took a bit of a tumble yesterday on high trading volume–down 61 cents to trade at $24.51 at a current yield of 6.67%. Volume was over 300,000 shares compared to a norm of 40,000. I currently own this issue. Opportunity to add?

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