There wasn’t much worth commenting on today. The three items that are getting headlines are:
The FOMC statement — The Fed is going to keep rates at zero for a while. Also, they’re running out of crap to buy. It’s not that they don’t want to buy more crap, because they’d be quite willing to pay top dollar for it. This was expected.
October 2009 Non-Manufacturing ISM Report On Business — The manufacturing report was bullish. This one, not so much. However, nobody expected it to be. Also, nobody cares about this report as much as the manufacturing report. The jobs data from the report was disappointing. The gains in manufacturing were probably offset by losses here.
Senate Approves Extended U.S. Homebuyer Tax Credit — The tax credit blasted by economists from every part of the political spectrum gets extended and expanded. On the plus side, the unemployment benefit extension is in this bill. This goes to the House and may possibly be voted on tomorrow.
