Market opened today’s session with treasuriesnearly unchanged ahead of the rate decision. 10-Yeartreasuryyield is at 2.8138, 0.37 bp decreased from prior closing of 2.8175.
Stocks climbed and treasuries held steady as investors await the Fed’s policy decision. Market expects a fourth rate hike of 2018 with dovish or less hawkish forecasts in the statement, signaling a slower pace policy tightening next year. Beyond the Fed, President Trump and Congress only have until this Friday to reach a deal on funding for the border wall in order to avoid a partial government shutdown. With the trade war on a brief hiatus, Treasury Secretary Mnuchin announced that they were planning to hold meetings in January. The dollar slipped, and WTI crude held steady after the biggest three day slump since 2016.
MBA mortgage applications index fell 5.80% last week with both purchases and refinances down 6.80% and 2.30%, respectively. Current Account Balance widened its deficit from 101.20 Billion revised prior quarter to 124.80 Billion in third quarter. Following upbeat housing starts data from yesterday, Existing Home Sales rose to 5.32 million rate from 5.22 million prior vs. 5.20 million estimate. Meanwhile, the inventory of available homes rose 4.20% from last year, marking the fourth straight increase.
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Stocks climbed and treasuries held steady as investors await the Fed’s policy decision. Market expects a fourth rate hike of 2018 with dovish or less hawkish forecasts in the statement, signaling a slower pace policy tightening next year. Beyond the Fed, President Trump and Congress only have until this Friday to reach a deal on funding for the border wall in order to avoid a partial government shutdown. With the trade war on a brief hiatus, Treasury Secretary Mnuchin announced that they were planning to hold meetings in January. The dollar slipped, and WTI crude held steady after the biggest three day slump since 2016.
MBA mortgage applications index fell 5.80% last week with both purchases and refinances down 6.80% and 2.30%, respectively. Current Account Balance widened its deficit from 101.20 Billion revised prior quarter to 124.80 Billion in third quarter. Following upbeat housing starts data from yesterday, Existing Home Sales rose to 5.32 million rate from 5.22 million prior vs. 5.20 million estimate. Meanwhile, the inventory of available homes rose 4.20% from last year, marking the fourth straight increase.
The curve has bull-flattened with UST 10-