"The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market."

This phrase has been in the FOMC Announcement for the past 4 meetings, but the word "SOME" was added at the most recent meeting.  Not only that, but it was the only change in the entire paragraph and indeed, the only change in the entire announcement outside the first paragraph.

Its isolation makes it seem significant.  It's potential significance makes this Wednesday's FOMC Minutes (the background to the meeting that produced the phrase above) more interesting than normal.  If the Fed truly meant to send some sort of signal with the addition of "SOME," then we might see evidence of that in the Minutes.

Meanwhile, we'll have a reasonable amount of economic data throughout the week--most of it focused on housing.  Monday's NAHB Housing Market Index is expected to drift up to 61 from 60 last month.  That would be a new post-meltdown high.  Housing Starts are forecast at 1.174, which would match June's reading as the 2nd highest of the same era.  Existing Home Sales are seen holding close to their post-meltdown high (5.49 mln, achieved last month) at 5.43 mln.


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
100-09 : +0-05
FNMA 3.5
103-14 : +0-03
FNMA 4.0
106-02 : +0-02
Treasuries
2 YR
0.7300 : +0.0040
10 YR
2.1780 : -0.0233
30 YR
2.8250 : -0.0197
Pricing as of 8/17/15 7:30AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Monday, Aug 17
8:30 NY Fed manufacturing * Aug 5.00 3.86
10:00 NAHB housing market indx * Aug 61 60
Tuesday, Aug 18
8:30 Housing starts number mm (ml)* Jul 1.190 1.174
8:30 Building permits: number (ml)* Jul 1.232 1.337
Wednesday, Aug 19
7:00 Mortgage Market Index w/e 397.5
8:30 Core CPI index, sa * Jul 242.19
14:00 FOMC Minutes *
Thursday, Aug 20
8:30 Initial Jobless Claims (k)* w/e 274
8:30 Continued jobless claims (ml)* w/e 2.273
10:00 Philly Fed Business Index * Aug 7.0 5.7
10:00 Existing home sales (ml)* Jul 5.43 5.49