The KUIK Market Update for Thursday, September 21:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(34)
points
22,378
7:32 AM
S&P500
Down
-0.3%
percent
2,501
(7.11)
Nasdaq Composite
Down
-0.7%
percent
6,410
(46.39)
30 Year Treasury
Down
(2)
Basis Points
2.80
Annual Yield
The Federal Reserve still plans to raise interest rates once more before year end, but yesterday it signaled the cycle of rate hikes might end sooner than planned. In an expected move, the Fed also announced it will slowly shrink its huge $4.5 trillion balance sheet starting in October. “The basic message here is U.S. economic performance has been good,” Chairman Janet Yellen said in a press conference after the Federal Open Market Committee concluded its two-day meeting.
Initial claims for unemployment benefits for the week ended September 16 fell by 23,000 to 259,000, according to the Labor Department. Last week claims hit a two-year high after hurricane Harvey. Continuing claims, rose by 44,000 to 1.98 million the week ended September 9.
Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.83% this week, up from last week’s 3.78%. A year ago it was 3.48%. The 15-year fixed averaged 3.13%, up from 3.08%. A year ago it averaged 2.76%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
