The Federal Open Market Committee of the Federal Reserve announced the first rate cut to its key interest rate range since the Great Recession ushered in a series of rate cuts described as "quantitative easing." The Fed committee confirmed a quarter-point cut to 2.00 to 2.25 percent.
According to a statement provided by the Federal Open Market Committee of the Federal Reserve, the committee has approved another reduction of the Fed's monthly asset purchases.
Housing Starts exceeded expectations and also beat October's reading of 889,000. November housing starts were posted at 1.09 million against a consensus of 963,000. This reading is more in line with the NAHB/Wells Fargo Home builder Market Index, which reached a four month high with December's reading.
There was potentially good news for mortgage rates on Wednesday as the Fed's Federal Open Market Committee (FOMC) announced that its quantitative easing (QE) program would remain unchanged for the present.
The minutes for June's meeting of the Federal Open Market Committee (FOMC) suggest that committee members are mostly in agreement that the current quantitative easing program (QE) should begin winding down by year end.
Minutes of the Federal Open Market Committee recently released may have a significant impact on mortgage rates going forward. One significant development from the meeting suggests that the present quantitative easing program may be modified in the near future.
Wednesday's Federal Open Market Committee (FOMC) statement indicates the Federal Reserve's commitment to keeping long term interest rates and inflation under control.
The minutes for the Federal Open Market Committee (FOMC) meeting held March 19 and 20 were released on Wednesday April 10, 2013. These periodic meetings by the FOMC cover a wide ranging group of topics that impact the overall economy in the United States.
The Federal Reserve's statement after yesterday's Federal Open Market Committee (FOMC) meeting left no doubt as to the Fed's dual commitment to keeping long term interest rates down and encouraging economic growth.
The Federal Reserve's Federal Open Market Committee (FOMC) voted to maintain the Federal Funds Rate within its current range of zero to 0.25 percent
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 Federal Reserve released its October Federal Open Market Committee (FOMC) meeting minutes last week.