Daily Wrap-Up: Tuesday, Oct. 27, 2026

Here’s a look at three items from Tuesday, Oct. 27: new national home price data and the start of the Federal Reserve’s policy meeting, a Supreme Court order on an immigration court rule, and what’s on the agenda at tonight’s Fredericksburg City Council meeting.

The Economy

U.S. home prices rose 0.3% in August from July and 2.4% from a year earlier, according to the Federal Housing Finance Agency’s House Price Index released today. The agency revised July’s monthly gain down to 0.2% from the 0.3% it first reported. Across the nine census divisions, monthly changes ranged from a 0.8% decline in New England to a 2.1% increase in the East South Central division, and 12-month gains ranged from 0.5% in the Mountain division to 4.4% in the East North Central division. FHFA said its next report is due Nov. 24.

A separate report, the S&P Cotality Case-Shiller U.S. National Home Price Index, also released today, showed a 2.1% annual gain for August, up from 1.9% in July.

Meanwhile, the Federal Reserve began its two-day policy meeting today. According to the Federal Reserve’s calendar, the interest-rate decision is scheduled for 2 p.m. ET Wednesday, Oct. 28, followed by a press conference at 2:30 p.m.

Supreme Court

On Tuesday the Supreme Court turned down a request from Baltimore; Columbus, Ohio; New Haven, Connecticut; and an immigrant legal-services group to restore a 2024 rule that let immigration judges temporarily suspend some deportation cases, SCOTUSblog reported.

The rule was thrown out after Texas sued in federal court in June and the U.S. Justice Department agreed to a judgment in the state’s favor. The cities and the legal group sought to join the case to defend the rule, but a district judge ruled they lacked standing, and the 5th Circuit declined to put the judgment on hold. In their Supreme Court filing, the challengers described the agreement as collusive, while the Justice Department and Texas urged the court to leave it in place. The court’s brief, unsigned order gave no explanation and had no noted dissents.

Around Fredericksburg

Fredericksburg City Council meets at 7:30 p.m. tonight in Council Chambers at 715 Princess Anne Street, with Mayor Kerry Devine presiding. According to the meeting agenda, presentations include a reveal of the city’s 300th anniversary logo, a Wall of Honor ceremony and the introduction of Svetlana Legetic as the new director of the Fredericksburg Area Museum.

The consent agenda also includes the second reading of an ordinance restating bi-monthly utility rates on a monthly basis in preparation for monthly billing, and a fiscal year 2027 budget amendment covering fiscal year 2026 carryovers.

Follow Go Fredericksburg for more local updates.