Daily Market Update 1/21/11

Rates were little changed Friday in volatile trading. No economic data will be released today. Next week will be busy, beginning with Wednesday’s FOMC meeting of the Fed. While no rate changes are expected, investors will be watching closely for clues about the future direction of monetary policy. December New Home Sales figures will be released on Wednesday, Pending Home Sales and Durable Goods Orders on Thursday. Advanced fourth quarter Gross Domestic Product (GDP) estimates will come out on Friday. Also next week, the Treasury will hold large auctions of 2-, 5-, and 7-year notes over three days, beginning Tuesday. The Obama Administration is due to release a report on the future of Fannie Mae and Freddie Mac in late January. There will be considerable debate in coming months over the proper role of the federal government in the housing finance industry.

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