Economic Events on January 26, 2011

The Mortgage Bankers’ Association purchase index was released at 7:00 AM EST, and there was a week to week decrease of 8.7% in the Purchase Index and a week to week decrease of 15.3% in the Refinance Index.

At 10:00 AM EST, the New Home Sales report for December will be released. The consensus is that 300,000 new homes were sold last month, which would be an decrease of 10,000 from last month.

At 10:30 AM EST, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update on oil inventories in the United States.

At 2:15 PM EST, the FOMC Meeting Announcement will be made, which will provide insight into how long the Federal Reserve plans to keep rates at 0%.  It is assumed that there will be no immediate change in the Fed funds target rate, but any hint that rates could rise in the future could have an impact on the bond market and stock market.

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