Market Commentary:
An interesting tidbit today.....it looks like the Fed is out talking up another Quantitative Easing (QE). One of the dovish members of the FOMC, William Dudley, was speaking this morning and actually mentioned a number for the easing - $500B over a six month period. Since this did not come from Bernanke, the market does not view it as "golden." However, in the past, the Fed has "leaked" what it is thinking to see what the market thinks of it. Only time will tell.
The Market will be focused next week on the Employment numbers at the end of the week.
Looking ahead:
Monday - Pending Home Sales
Tuesday - ISM Non-Manufacturing
Wednesday - ADP Employment Change
Thursday - Initial Jobless Claims / Continuing Claims
Friday - Unemployment Rate / Change in Payrolls
Industry Updates:
Flood Insurance - Yesterday The President signed a one year extension of the Flood Insurance Program.
USDA / GSE / FHA - The President also signed the Continuing Resolution yesterday that provides funding for the USDA Program until December 3rd and extends the temporary extension of the GSE and FHA Mortgage Limits until September 30, 2011. The new guaranty fee structure for USDA refinance transactions goes into effect today October 1st and is 2.25%. The USDA fee for purchase transactions remains 3.5%.
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