Stocks remained calm as investors awaited the latest minutes from the FOMC meeting in January to be released today at 11:00 AM (PT). The minutes will be closely parsed for more clues about how long the Fed plans to remain patient. Investors are also anxiously waiting to hear more from the ongoing trade talks between the US and China in Washington. With the deadline to increase tariffs on Chinese imports quickly approaching, President Trump hinted that an extension to the current deadline was still on the table. In corporate news, CVS Health Corp fell after they posted a weaker than expected earnings forecast for 2019 and announced its results would be dragged down by rising costs and its recent takeover of health insurer Aetna. Treasuries slid and the dollar gained. Elsewhere, WTI crude slipped below $56 a barrel this morning.
MBA Mortgage Applications Index rose 3.60% last week from a 6.90% decline in revised prior. Both purchases and refinances increased 1.70% and 6.40% after falling 9.60% and 3.20% in week prior, respectively. Dallas Fed President Kaplan will speak in a moderated Q&A at 10:10 AM (PT) in Houston, and the minutes from January FOMC meeting will be released at 11:00 AM (PT) today.
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the Latest FOMC Meeting Minutes
Stocks remained calm as investors awaited the latest minutes from the FOMC meeting in January to be released today at 11:00 AM (PT). The minutes will be closely parsed for more clues about how long the Fed plans to remain patient. Investors are also anxiously waiting to hear more from the ongoing trade talks between the US and China in Washington. With the deadline to increase tariffs on Chinese imports quickly approaching, President Trump hinted that an extension to the current deadline was still on the table. In corporate news, CVS Health Corp fell after they posted a weaker than expected earnings forecast for 2019 and announced its results would be dragged down by rising costs and its recent takeover of health insurer Aetna. Treasuries slid and the dollar gained. Elsewhere, WTI crude slipped below $56 a barrel this morning.
MBA Mortgage Applications Index rose 3.60% last week from a 6.90% decline in revised prior. Both purchases and refinances increased 1.70% and 6.40% after falling 9.60% and 3.20% in week prior, respectively. Dallas Fed President Kaplan will speak in a moderated Q&A at 10:10 AM (PT) in Houston, and the minutes from January FOMC meeting will be released at 11:00 AM (PT) today.
The curve has bear-steepened with UST 10-Year yield up 1.26 bps.