US stock futures slightly drifted lower this morning as investors awaited the Fed’s policy decision and further developments on the trade talks. Apart from the expectation that the interest rate will remain unchanged, investors will seek clearer indication on the Fed’s plan to end its balance sheet normalization. On the trade front, there have been signs China may be shifting their stance on the talks, including their intention to remove Boeing 737 Max from its list of US imports due to safety concerns despite of recent upbeat remarks made by President Trump on the trade talks. In the UK, Prime Minister May asked the EU for an extension to the Brexit deadline until June 30. In corporate news, FedEx fell after slashing its annual profit forecast, driving the S&P 500 down this morning. Treasuriesrallied with WTI crude tumbling below $59 a barrel.
MBA Mortgage Application Index rose 1.60% after rising 2.30% in prior week. Both purchases and refinances increased 0.30% and 3.50% after rising 4.30% and falling 0.20% in prior week, respectively. The FOMC will conclude its two day meeting today and announce its rate decision at 11:00 AM (PT).
This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice
US stock futures slightly drifted lower this morning as investors awaited the Fed’s policy decision and further developments on the trade talks. Apart from the expectation that the interest rate will remain unchanged, investors will seek clearer indication on the Fed’s plan to end its balance sheet normalization. On the trade front, there have been signs China may be shifting their stance on the talks, including their intention to remove Boeing 737 Max from its list of US imports due to safety concerns despite of recent upbeat remarks made by President Trump on the trade talks. In the UK, Prime Minister May asked the EU for an extension to the Brexit deadline until June 30. In corporate news, FedEx fell after slashing its annual profit forecast, driving the S&P 500 down this morning. Treasuries rallied with WTI crude tumbling below $59 a barrel.
MBA Mortgage Application Index rose 1.60% after rising 2.30% in prior week. Both purchases and refinances increased 0.30% and 3.50% after rising 4.30% and falling 0.20% in prior week, respectively. The FOMC will conclude its two day meeting today and announce its rate decision at 11:00 AM (PT).
The curve has bull-flattened with UST 10-Year yield down 1.62 bps.