Stocks posted their biggest percentage losses in two months on Tuesday following a tightening move by the Peoples Bank of China which raised rates for the first time in three years. U.S. Treasuries and mortgage bonds benefited from stocks` weakness and continued expectations for low Fed-supported rates, with the five-year Treasury’s yield falling to a new record low of 1.10%.
This morning’s only economic release is the MBA mortgage applications index, which fell sharply in the most recent week with a major factor being the FHA’s increased fees which took effect with applications taken after October 4.
This afternoon, the Fed will release its Beige Book, prepared for the upcoming November 3 FOMC meeting. It could prove pivotal with division among Fed officials continuing about whether, when, and how to provide further accommodation
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