Eagles,
Today is the big day - the Fed will complete a regularly scheduled two day Open Market Committee meeting and make an announcement at about 2:15pm today. I will let you know what I hear.
ALSO out this morning - another surprise for the markets - Durable Goods Orders JUMPED 1.8%. Durable Goods are manufactured items that are expected to last three or more years. Economist expected this number to be down.
This is just more evidence of a rebouding economy!
The Mortgage Bankers Association also just released its Mortgage Applications Index. The index was UP 6.6% to a reading of 542.2 for the week of June 19. This rise is on the heals of four straight weeks of declines as our mortgage interest rates have adjusted from it 4.5% low.
And finally today at 1pm, the Treasury will announce the refunding of maturing bonds. Remember, we have a TON of debt for our nations economy coming to market this year. I expect the Fed will be monitoring this as they are holding their Open Market Committee Meeting today.
More later.
Chuck
