Daily Market Update 5/3/17

Rates were little changed Wednesday in volatile trading ahead of this afternoon’s Fed statement.  In economic news, payrolls firm ADP estimated April private sector job growth of 177,000, slightly above forecast.  The Institute for Supply Management services rose unexpectedly to 57.5.  Readings above 50.0 indicate expansion in the services sector of the economy.  The Federal Open Market Committee of the Fed will wrap up its two-day meeting and release a policy statement at 2:00 PM.  No rate change is expected, but investors will be looking for guidance about the pace of future tightening.

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