Daily Market Update 10/28/11

Mortgage rates inched lower Friday as mortgage-backed securities recovered from yesterday’s losses.  This morning, the September Core PCE price index, one of the Fed’s preferred measures of inflation, was unchanged from August and a modest 1.6% higher than one year ago.  Personal Income increase by 0.1%, less than expected.  Consumer Sentiment rose to 60.9, beating expectations.  Next week is likely to be extremely volatile.  The Federal Open Market Committee (FOMC) of the Fed will wrap up a two day meeting to discuss monetary policy on Wednesday.  No rate changes are expected, but investors will be watching for news of additional stimulus plans.  Non-farm Payrolls, the most closely-watched economic report of the month, will be released on Friday.  Also next week, the ISM manufacturing index will come out on Tuesday.  No other key data will be released today.

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