The Fed left interest rates alone last Thursday, but commented that the economy is doing well enough to look at raising rates at an upcoming session. The FOMC doesn’t meet in November and there is a 50% chance that they’ll hike their Cost of Funds Index in December, according to the most recent poll. Post press conference, mortgage pricing took a dive to the bottom of the month-long trend channel. That selloff continued on Friday to levels not seen since September. The retail market seems to have shrugged it off well though; interest rates are still the same as they were last Wednesday.
Speaking of getting beaten up and taking a dive, my bike trip to Moab last week reminded me that I am now in my 40’s and can’t just hop on the saddle and ride 27 miles of extreme terrain like I used to without paying a price. This was the first time among any group of my peers that I have felt like the out of shape chubby guy.