Today is the conclusion of the first FOMC meeting on 2019. The probability of an announced rate hike is at 0%. Chair Jerome Powell will address America at the end of the meeting, and we’ll be listening for clues about their plan for the year ahead with the Fed Funds Rate, and particularly with their $4.05 trillion balance sheet. I imagine there will be talk of “measured” asset depletion as circumstances dictate. Yada yada.
We’re still waiting for the government to start releasing economic data again, now that they are back to work. There are a couple reports that have come out this week so far that concern me a little. The first is Consumer Confidence, which dropped even below the lowered expectation. The second is Pending Home Sales, which fell to the lowest number in five years. Together, the two tell the story of how hesitant would-be homebuyers are to enter into the magical world of real estate.