Federal Open Market Committee (FOMC) Statement
We have no relevant economic data set for release today, but we do have a couple of major Fed events taking place this afternoon. The first is the 2:00 PM adjournment of the FOMC meeting that is widely expected to yield no change to key short-term interest rates. Because there is a wide consensus, the lack of a move itself shouldn't have a noticeable impact on the markets. But what is likely to heavily influence trading is any indication of when the Fed may make their next move, which is believed to be a possible rate cut. If there is a hint of that being a reality soon, the bond market should rally, causing mortgage rates to improve.