January 30, 2019 9:30 a.m. Fidgeting Before the Fed -by- Lester Murray

While waiting for Jerome Powell's first FOMC presser of the year, equities are ebullient over some early morning, corporate earnings reports; primarily from Boeing.  Bond prices in the Treasury market are a touch weaker, but nothing significant so far. Those prices were unaffected by the surprising, and surprisingly negative, report from the National Association of Realtors revealing that Pending Home Sales fell by 2.2% in December as experts were expecting about a half-percent rise. That's the third monthly decline and a drop of 9.5% year-over-year.

That's data the Committee will see, but there's a lot that's still missing due to the shutdown and their view of the data landscape will have a few blind spots. Many think that will reinforce their call for patience as they mull over whatever the next policy move might. Markets are not expecting any rate change, and, as always, the FOMC's post-meeting statement and Mr. Powell's press conference remarks will be parsed and dissected, not only for grammatical errors, but also for any real or imagined nuance or subtle clues.