Posted To: MBS Commentary
The significance of the economic data ramps up today with ADP employment at 8:15am. This just came out at 246k vs a median forecast called for a slight increase from 153k to 165k. That's a substantial beat and bonds are already reacting negatively. Of even more interest is the 10am ISM Manufacturing PMI which has recovered from the high 40's to the mid 50's over the course of 2016. Today's report is expected to come in at 55.0 vs 54.5 previously. The Fed Announcement is at 2pm. Of the 2 types of Fed days, this is the less consequential version with NO press conference or release of economic projections. Investors generally feel that the Fed saves bigger news for the announcements that are followed by press conferences. Even so , they'll be looking at any changes in the verbiage...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2kRjKpe
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