It's more or less impossible that we'll see any change in policy stance with this Wednesday's FOMC Announcement, but it's still on the radar as a relevant event.  Markets are interested to see how the Fed might react to recent developments, which include European QE and the ongoing slide in oil, among other things.  Again, the reaction wouldn't have anything to do with current monetary policy.  It could, however, come in the form of a change in verbiage that hints at more patient rate-hike timing

Before we hear from the Fed, the first two days of the week already look set to focus on the market-based reaction to the weekend's Greek elections.  As expected, the anti-austerity party won, but it's not yet clear if they'll have enough seats to govern alone (if they don't, they'll likely form a coalition with a smaller party).  That's an important factor in market volatility at the beginning of the week as it may affect the speed and scope of Greece's efforts to exit its bailout agreement with the Eurozone. 

The rest of the week's scheduled data plays second fiddle to all of the above, but can still have some impact.  Data highlights include Durable Goods on Tuesday and GDP on Friday.  Treasury auctions of 2, 5, and 7 year notes happen from Tuesday through Thursday, but shouldn't have much of an impact.


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
102-24 : +0-00
FNMA 3.5
105-06 : +0-00
FNMA 4.0
106-28 : +0-00
Treasuries
2 YR
0.5150 : +0.0250
10 YR
1.7980 : +0.0089
30 YR
2.3750 : +0.0097
Pricing as of 1/26/15 7:24AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Tuesday, Jan 27
8:30 Durable goods (%)* Dec 0.5 -0.9
9:00 CaseShiller 20 mm nsa (%)* Nov -0.2 -0.1
10:00 New home sales-units mm (ml)* Dec 0.450 0.438
10:00 Consumer confidence * Jan 95.1 92.6
13:00 2-Yr Note Auction (bl)* 26
Wednesday, Jan 28
7:00 Mortgage Market Index w/e 561.9
13:00 5-Yr Note Auction (bl)* 35
14:00 FOMC rate decision (%)* N/A 0.25
Thursday, Jan 29
8:30 Initial Jobless Claims (k)* w/e 300 307
10:00 Pending homes index Dec 104.8
13:00 7-Yr Note Auction (bl)* 29
Friday, Jan 30
8:30 GDP Advance (%) Q4 3.0 5.0
9:45 Chicago PMI * Jan 57.5 58.3