Economic Events on November 2, 2011

The Mortgage Bankers’ Association purchase index will be released at 7:00 AM EDT, providing an update on the quantity of new mortgages and refinancings closed in the last week.

The Challenger Job-Cut Report will be released at 7:30 AM EDT, providing an estimate of the number of layoffs in October.

At 8:15 AM EDT, the monthly ADP Employment Report will be released.  Investors will be watching this number to get advance notice on the state of the job market in advance of the government’s report on Friday.

At 9:00 AM EDT, the Treasury Refunding Announcement will be released, where the U.S. Treasury states its funding needs for the next two quarters.

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

At 12:30 PM EDT, 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.

At 2:15 PM EDT, Federal Reserve Chairman Ben Bernanke will hold a press conference to discuss the FOMC economic projections.

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