The mid-term elections overwhelmed this morning’s economic data, which was actually positive. ADP forecast the US added 43,000 private sector jobs in October compared to a loss of 2,000 in September, and the Institute for Supply Management reported its index of non-manufacturing business rose to 54.3 from 53.2.
The above data had no effect on the markets as the focus is now on the results of the Fed meeting, which will conclude this afternoon with the publication of Fed policy announcement. Expectations are for approximately $500 billion of new quantitative easing. Anything more or less will create significant volatility.
Bond prices are improved this morning on expectations the Fed will be more accommodating. Pricing for mortgages has improved by approximately .25%.
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