020 7898 0500The markets had a fairly quiet opening to the day yesterday as everyone patiently awaited the Federal Reserve’s interest rate decision. Then the announcement was made and confirmed that rates would remain on hold for now, but that next month the Fed would start reducing its quantitative easing programme.
Meanwhile, there was some weak data from the US that showed existing home sales fell 1.7% in August – the lowest level since this time last year. However, much of this can be attributed to the effects of Hurricane Harvey which ploughed through Texas; had sales in Houston not plunged by as much as they did the figures would have been unchanged.
As for today, the initial jobless claims and house price index are scheduled for release. There was an unexpected fall in the the claims for unemployment benefit last month so it will be interesting to see if this trend continues.
