Daily Market Update 1/27/16

Rates were little changed Wednesday as mortgage-backed securities gave back yesterday’s late gains.  In economic news, December New Home Sales jumped 10.8% to 544,000 annual units, well above the consensus forecast of 500,000.  Stocks moved sharply lower.  The Fed wraps up its two-day meeting to discuss monetary policy this afternoon and will issue a policy statement at 2:00 PM.  No rate changes are expected, but investors will be looking for information about the impact of recent stock market declines on the outlook for Fed policy.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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