Boring, Sideways Day. Does Wednesday's Fed Announcement Even Matter?

Boring, Sideways Day. Does Wednesday's Fed Announcement Even Matter?

Neocloud concerns continued to experience a small correction/consolidation after last week's surge. Interest rates could have justified a bit of weakness as a result, but managed to hold fairly steady. Bond market indecision likely has more to do with that and less to do with any sort of Fed Day anticipation. Markets have almost fully priced in a "pause." Any Fed-induced volatility would thus be dependent on verbiage--either in the announcement itself or the 2:30pm ET press conference. This is one of those Fed meetings that could be entirely forgettable, but post-press-conference volatility should never be ruled out as a risk--even on seemingly low consequence Fed days. 

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Does The Fed Announcement Even Matter?

MBS & Treasury Markets
UMBS 6.0
99.45
-0.01 
10YR TREASURY
5.002
+0.015 
10/27/2026 5:00PM EST
"Neocloud" has entered the commentary. This is shorthand for the market segment in which Coreweave operates. Neocloud companies have been the epicenter of recent concerns in tech that have helped fuel the mid October bond rally.  Their negative momentum leveled off last Thursday--the same time bond yields bottomed. Neocloud stocks are up sharply this morning and their bond yields are falling. Coreweave yields are back to last Wednesday's levels (though still hugely ...   READ MORE
Today's Mortgage Rates
30YR Fixed
7.33%
+0.00% 
15YR Fixed
7.01%
+0.02% 
10/27/2026
It was a remarkably calm day for the mortgage market on two separate levels. First off, the average lender set this morning's rates right in line with yesterday's latest levels. Additionally, there were very few intraday changes (and in those cases, rates improved modestly). [thirtyyearmortgagerates] All of the above is made possible by the fact that the bond market stayed right in line with yesterday's levels all day long. This has happened for two straight days now, and ...   READ MORE
Economic Calendar
Time Event Period Actual Forecast Prior
Tuesday, Oct 27
8:15AM ADP Employment Change Weekly 16.8K 18.5K
8:30AM Sep Durable goods (%) Sep 1.8% 1.5% 0%
8:30AM Sep Core Durable Goods (%) Sep 0.5% 0.7% 1.6%
9:00AM Aug FHFA Home Price Index m/m (%) Aug 0.3% 0.2% 0.3%
9:00AM Aug FHFA Home Prices y/y (%) Aug 2.4% 2.6%
9:00AM Aug CaseShiller 20 mm nsa (%) Aug -0.4% 0%
9:00AM Aug Case Shiller Home Prices-20 y/y (% ) Aug 2.7% 2.5% 2.5%
10:00AM Oct Consumer Confidence (%) Oct 91.7 81 81.9
10:00AM Sep New Home Sales (ml) Sep 0.676M 0.65M 0.684M
1:00PM 5-Year Note Auction 4.845% 5.033%
Wednesday, Oct 28
7:00AM Oct/23 Mortgage Market Index Oct/23 188.6
7:00AM Oct/23 MBA Purchase Index Oct/23 129.2
7:00AM Oct/23 MBA Refi Index Oct/23 503.1
10:30AM Oct/23 Crude Oil Inventory (ml) Oct/23 0.8M -3.061M
11:30AM 2-Year FRN Auction (%) 0.040% 0.040%
2:00PM Fed Interest Rate Decision 4.0% 4%
2:00PM FOMC Statement
2:30PM Fed Press Conference