Tuesday, October 29, 2013

Wednesday: FOMC Statement, ADP Employment, CPI

by Bill McBride on 10/29/2013 08:11:00 PM

A little good news via MarketWatch: Retail gas prices hit lowest level of 2013: AAA

The average U.S. price for a gallon of regular unleaded gasoline stood at $3.28 on Monday, the lowest price of 2013, according to AAA. The motorist and leisure travel group also said it expects gas prices to fall even further, approaching the end of the year "as sufficient, flat demand, the shift to cheaper winter-blend gasoline and falling crude-oil prices likely mean cheaper prices at the pump."
Wednesday:
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the weekly mortgage purchase applications index.

• At 8:30 AM, the ADP Employment Report for October. This report is for private payrolls only (no government). The consensus is for 138,000 payroll jobs added in October, down from 166,000 in September.

• At 8:30 AM, the Consumer Price Index for September. The consensus is for a 0.2% increase in CPI in September and for core CPI to increase 0.2%.

• At 2:00 PM, the FOMC Meeting Announcement. No change to interest rates or QE purchases is expected at this meeting.