Daily Market Update 4/29/15

Rates moved higher Wednesday ahead of this afternoon’s Fed policy statement.  This morning, first quarter GDP was revised lower to 0.2% annual growth in the economy, below the consensus forecast of 1.0%, and down from 2.2% growth in the fourth quarter.  Unusually severe weather, West Coast port disruptions, lower energy prices, and a stronger dollar were major factors in the weak results.  Stocks moved lower.  Pending Home Sales rose 1.1%, slightly above expectations.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.  The Fed wraps up its two-day meeting this afternoon and will issue a statement at 2:00 PM.  Investors will be looking for clues about the timing of future rate increases.  The market is likely to remain volatile throughout the day.

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