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Wednesday: FOMC Announcement, ADP Employment, ISM Services

Here is my FOMC Preview: Taper Announcement Expected.

Wednesday:
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:15 AM, The ADP Employment Report for October. This report is for private payrolls only (no government).  The consensus is for 400,000 jobs added, down from 568,000 in September.

• At 10:00 AM, the ISM Services Index for October.  The consensus is for a decrease to 59.5 from 61.9.

• At 2:00 PM, FOMC Meeting Announcement. The FOMC is expected to announce tapering of asset purchases at this meeting.

• At 2:30 PM, Fed Chair Jerome Powell holds a press briefing following the FOMC announcement.

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