It was a quiet week in economic news. The biggest news was the “watching” of the Federal Reserve. The long awaited (not) meeting minutes of the FOMC meeting had stronger language, hinting at a rate hike in December. The meeting will be held December 16th.
The other somewhat interesting news is that home builders slowed down by 11%, which was a huge drop. But when getting down in the weeds, we see that the South, due to flooding, slowed down 18.6% . If you take that out it wasn’t that bad. Couple that with the October building permits rising 4.1%, especially in the South where they had the highest level in 8 years, the market yawned at the drama.
With all this interest rates remained the same.