Daily Market Update 3/16/2010

Rates were little changed Tuesday ahead of this afternoon’s Fed statement. The Federal Open Market Committee (FOMC) of the Federal Reserve will wrap up their meeting at about 2:15 PM. While no rate change is expected, if the Fed does not renew their pledge to keep rates low “for an extended period” (usually seen as at least six months), mortgage-backed securities markets may react strongly. In economic news, February Housing Starts fell 6%, close to forecast. Building Permits, a leading indicator, fell 2%. Severe winter storms in much of the US may have been a factor.

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