Daily Market Update 11/2/11

Mortgage rates inched lower Wednesday, reflecting yesterday’s gains in mortgage-backed securities markets.  In economic news, payrolls firm ADP forecast a net gain of 110,000 private sector jobs in October ahead of this Friday’s Employment Report, beating expectations.  This afternoon the Fed will hold a press conference at 2:15 to discuss its two-day FOMC meeting.  Investors will be looking for signs of additional easing.  Fed officials are reportedly divided about the appropriate course of action.

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