Market Update

Mortgage Bonds are unchanged this morning, as traders appear to be waiting on the Fed’s decision tomorrow. The Fed will most likely cut interest rates by .25% when the decision is announced tomorrow at 2:15 p.m. Eastern Time. In other news, Consumer Confidence for October was reported lower than expectations. Back in July, Consumer Confidence hit a six-year high. However, it has been steadily slipping lower in response to the liquidity crunch, which started in August. For today, I am recommending to cautiously float. If anything changes, I will let you know.