From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 10/29/2025
U.S. stocks are up Wednesday morning as investors await the latest FOMC rate decision later today. All three major averages are coming off new record highs on Tuesday and have set fresh highs again this morning. A 25 basis-point rate cut is widely expected today, so investors will be focused on the tone of Fed Chair Jerome Powell in comments afterwards. Markets currently expect the Fed to cut rates at the December meeting as well.
Looking at economic data today, MBA mortgage applications rose 7.1% last week. The Purchase Index was up 5% and the Refinance Index increased 9%. The average interest rate of a conforming 30-year mortgage fell seven basis points to 6.30%.
Elsewhere, pending home sales were unchanged in September, versus expectations of increasing 1.0%. Sales were higher in the Northeast and South and lower in the West and Midwest. Pending home sales were down 0.9% over the last year.
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