Industry News
Mortgage Industry News
FOMC Announces Decision Today
09/23/2009
The FOMC announces their decision this afternoon. Even though no rate move is expected, there is debate on whether or not any exit strategies/timelines from the various markets that the Fed is involved in will be discussed. There is a record $40B 5yr note auction slated for today; 7yrs are scheduled for tomorrow. Right now, the futures market is pricing in a 93% chance that the Fed keeps rates somewhere between 0% and .25% through December 16th, 2009. Currently, the Ten Year yield is at 3.49% (3.50% yesterday) and the 2-10 yield spread is at 244bps, flattening 6bps since yesterday morning.
