http://MikesDailyMarketReport.com: The Existing Home Sales dropped 2.0% in August, as July's data was revised slightly higher (from 5.99 million annualized units to 6.00 million). It was reported at 5.88 million in August. The Fed will be wrapping up it's 2 day meeting (FOMC) today, which they'll provide their announcement at 11:30 am PST. Expect some choppiness! Investors will await word on timeframe of the Fed tapering plans (this year or next), review Dot Plot (for interest rate hike forecasts by Fed members) and any policy statement changes. It seems that most forecasters believe the Fed will hold on taper for the moment, and most likely announce at November's meeting. Stocks are rebounding after another day of selloff; and ahead of Fed decision. Investors received some good news on Evergrande, as they announced they'll make an on-time payment to one of their creditors. However, this seems like they're just kicking the can down the road, as more payments will be needed; and they appear to be over-leveraged. Unless, the Chinese Government intervenes, then they may not last. So, stay tuned! MBS is currently Up 3bps, so Mortgage Rates remain Unchanged from yesterday's pricing; and Yields have slid down to 1.31%. There could be some volatility after the Fed announcement today, so be prepared for some possible swings in the Market.
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