Good morning on this best day of the week Wednesday from your Hometown Lender,

Rates are stable and range bound as there is no reason for them to move much.

No important economic data this week to move markets. With that being the case, today we will get the minutes from the last Fed meeting. A lot is talked about as a potential flashpoint for rates but that’s probably wishful thinking.

While we can’t ever rule out the possibility that something in the Fed Minutes will catch the market’s eye, the Minutes have been progressively minimized by the ever-increasing campaign for transparency. With two dissenters at the last meeting, we can predict with a high degree of likelihood what the minutes will show. In other words, we’ve heard from most Fed speakers in the 3 weeks since July 30th (the meeting that today’s Minutes will speak to). Moreover, on July 30th, we had yet to see the bombshell jobs report, or the two relatively interesting inflation reports. 

Bottom line: 

Don’t confuse the Minutes with “new news” from the Fed. Our only shot at such things this week remains Powell’s speech at Jackson Hole come Friday.

Stay safe and make today great!!