The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday. For the ninth consecutive meeting, the vote was nearly unanimous. And, also for the ninth consecutive meeting, Richmond Federal Reserve President Jeffrey Lacker was the lone dissenter in the 9-1 vote. The Fed Funds Rate has been near zero percent since December 2008. In its press release, the Federal Reserve noted that, since its last meeting six weeks ago, the U.S. economy has been expanding "at a moderate pace", led by growth in household … [Read more...]
Simple Explanation Of The Federal Reserve Statement (September 13 , 2012)
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Thursday. For the eighth consecutive meeting, the vote was nearly unanimous. Just one FOMC member, Richmond Federal Reserve President Jeffrey Lacker, dissented in the 9-1 vote. The Fed Funds Rate has been near zero percent since December 2008. In its press release, the Federal Reserve noted that the U.S. economy has been expanding "at a moderate pace" in recent months, led by growth in household spending. However, "strains in global financial markets" … [Read more...]
FOMC Expected To Announce New Stimulus Today
The Federal Open Market Committee ends a 2-day meeting today, the group's sixth of 8 scheduled meetings this year. As a Phoenix home buyer or would-be refinancer, be ready for mortgage rates to change. The Federal Open Market Committee is a 12-person sub-committee of the Federal Reserve. Led by Fed Chairman Ben Bernanke, it's the group within the Fed tasked with voting on U.S. monetary policy. The act for which the FOMC is most well-known is its management of the Fed Funds Rate. The Fed Funds Rate is the interest rate at which banks borrow money from each other overnight. It's one of … [Read more...]
Simple Explanation Of The Federal Reserve Statement (August 1 , 2012)
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday. The vote was nearly unanimous. Only one FOMC member, Richmond Federal Reserve President Jeffrey Lacker, dissented in the 9-1 vote. The Fed Funds Rate has been near zero percent since December 2008. In its press release, the Federal Reserve noted that the U.S. economy has "decelerated somewhat" since January. Beyond the next few quarters, though, the Fed expects growth to "remain moderate" and then gradually pick up. There was no mention of … [Read more...]
Planning Ahead For The Federal Reserve’s Next Move
In Washington, D.C. today, the Federal Open Market Committee (FOMC) begins a 2-day meeting, its fifth of 8 scheduled meetings this year. Mortgage rates are expected to change upon the FOMC's adjournment. Rate shoppers and home buyers of Phoenix would do well to be alert. The Federal Open Market Committee is a rotating 12-person subcommittee within the Federal Reserve. It's the group which makes U.S. monetary policy. "Making monetary policy" has many meanings but the action for which the FOMC is most well-known is its setting of the Fed Funds Funds. The Fed Funds Rate is … [Read more...]