Wednesday, January 30, 2019

Daily Market Report 1/30/19 There's a few items on the Economic Calendar today.  The first item is the ADP Employment data, which reported 213k jobs in January.  December was revised lower from 271k to 263k.  This is the first Jobs data that we'll see this week.  Next is Initial Jobless Claims (tomorrow) and the BLS' Jobs Report on Friday.  Second item is the Pending Home Sales, reported by NAR, which dropped 2.2% in December.  NAR's Chief Economist forecasts a positive outlook for Home Sales in 2019.  The early part of the year is looking promising!  Stocks are Up this morning on Positive Earnings Reports and Outlook.  The FOMC will be wrapping up their 2 day meeting and having an Announcement at 11:30am PST today.  They are not expected to raise rates, as they've recently indicated that they'll be patient.  Investors will look for rate forecasts (Dot Plot) for 2019 and any comments about the Balance Sheet (QT), which seems to be on the table now.  MBS is currently down 6bps and fighting to stay above it's double layer of support, which they broke above yesterday.  Yields are up to 2.73% and trying to break above it's 25 DMA after falling below it yesterday.  Mortgage Rates are about the same as yesterday's pricing.

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