Update 10/25/2019

The Fed

The Federal Reserve likely will cut interest rates next week, but in doing so will make a pair of adjustments aimed at signaling that the current easing cycle could be over, according to a Goldman Sachs forecast. (CNBC)

Bank of America

Bank of America Merrill Lynch’s global fund manager survey — which took in responses from 175 respondents managing $507bn collectively — showed 31% of those surveyed expect a global recession in the next year, down from 38% in September. (FN)

Mortgage Rates

Mortgage rates increased for the 3rd straight week — but still remain very low compared to a year ago. The 30-year fixed-rate mortgage averaged 3.75% during the week ending Oct. 24, up six basis points from the previous week, and the 15-year fixed-rate mortgage increased three basis points to an average of 3.18%. The 5/1 adjustable-rate mortgage averaged 3.4%, up five basis points from a week ago. Mortgage rates roughly track the direction of the 10-year Treasury note, the yield on which has roughly stayed the same over the past week. Rates are still around a percentage point lower than a year ago. (Marketwatch)