Below is the news when it happened and the market’s reaction.  All Times are Eastern Standard Time. 

3:53 PM - Joseph LaVorgna, chief economist at Deutsche Bank, noted this morning that the sharp downturn in housing starts in the South was "likely weather-related," and he expects them to rebound in September.

2:08 PM - Rangebound trading dominates the MBS market ahead of tomorrow's monetary policy release by the Fed.

1:01 PM - At midday, MBS flat to modestly higher. S&P flat giving up the early session gains.

10:52 AM - The MBA reports that because of home price levels during the second quarter of this year, the FHFA could raise the conforming loan limit for 2017, the first such increase since 2006.

10:38 AM - Stocks cut some gains ... Dow +54 points after a 100 point gain earlier in the session.

10:37 AM - Wells Fargo Chairman of the Board and Chief Executive Officer John Stumpf is testifying in front of the Senate Banking Committee this morning over the creation of as many as 1.5 million phony bank accounts, which led to the dismissal of 5,300 employees.

10:00 AM - Dow +100 points led by financials and industrials.

9:31 AM - The S&P 500 opens higher as investors await the fed.

9:03 AM - MBS trade in an extremely tight range in the first hour of the session.

8:37 AM - August Building Permits -0.4% to an annual rate of 1.139M, below the 1.160M expected.

August Housing Starts decline 5.8% from July to an annual rate of 1.142M units, below the 1.186M expected.

8:18 AM -AAA reports that U.S. drivers waste billions paying for premium gas.

U.S. dollar index 95.82, +0.06.

10-yr T Note yield 1.68%.

WTI oil lower by $0.49 to $42.81/barrel.

S&P futures higher as investors see little chance for a rate hike. Fed Fund Futures show a 12% chance of a hike when the monetary policy statement is released.

August Housing Starts and Building Permits will be released at 8:30.


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