Daily Market Update 10/27/08

Rates were little changed Monday as traders looked ahead to a flurry of economic news later this week. The Federal Open Market Committee (FOMC) of the Federal Reserve meets Wednesday to determine short term interest rate policy. Many analysts are expecting a 1/2% cut in the Fed Funds rate. Durable Goods Orders will also be released Wednesday. Advanced third quarter GDP will be released Thursday and is expected to show a 0.1% decline in economic growth for the period. Rounding out the week will be Friday’s release of the Chicago Purchasing Managers Index. In other economic news, New Home Sales rose 2.7% last month, propelled by lower home prices. Stocks were modestly lower.

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