The Home Buyer's Korner

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April 29th, 2015

Guy looking up in color

Federal Open Market Committee Meeting.for April 2015

Janet Yellen

The Federal Reserve continues to hold near zero its short-term interest rates, which rolls into its 77 months and after its 52 consecutive meeting after the great recession began. The vote was 10-0, which didn’t surprise anyone on Wall Street. Today the central bank indicated it will hold firm at its historic low for at least three months and some don’t see a hike until September at the earliest while others point to December or even 2016.

After it two day meeting the Federal Open Market Committee released it latest policy statement, which confirm what the economy remain weak at best. The policy guidance now reads: “The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.”

The committee also scaled back its optimism on the U.S. economy since it last statement earlier this month on it March meeting. The new statement says:

Information received since the Federal Open Market Committee met in March suggests that economic growth slowed during the winter months, in part reflecting transitory factors. The pace of job gains moderated, and the unemployment rate remained steady. A range of labor market indicators suggests that underutilization of labor resources was little changed. Growth in household spending declined; households’ real incomes rose strongly, partly reflecting earlier declines in energy prices, and consumer sentiment remains high. Business fixed investment softened, the recovery in the housing sector remained slow, and exports declined. Inflation continued to run below the Committee’s longer-run objective, partly reflecting earlier declines in energy prices and decreasing prices of non-energy imports. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations have remained stable.”

Meanwhile, the yield on the 10-year Treasury note was little changed at 2.05 percent after spending the earlier part of the day between 2 percent and 2.08 percent.

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