And Waiting (Live)*

There is 1 hour to go before the FMOC will make an announcement regarding rates. Bonds are behaving and stocks are subdued.

Sales of existing homes fell for a sixth straight month in September and the median sales price dropped on an annual basis by the largest amount on record, further documenting a lukewarm housing market.

The median price of a single-family home fell to $219,800 last month, a drop of 2.5 percent from the price in September 2005. That was the biggest year-over-year price decline in records going back nearly four decades.

Sales were down sharply in all sections of the country except the South, which posted a small 0.4 percent decline. Sales fell the most in the Northeast, a drop of 3.7 percent, followed by the West, where sales were down 3.1 percent, and the Midwest, where sales fell by 2.8 percent.

Federal Reserve, as expected, leaves key short-term interest rate unchanged at 5.25%.

Bonds are getting stronger in afternoon trading.