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Aug
10

A Simple Explanation Of The Federal Reserve Statement (August 10, 2010 Edition)

By LasVegasShortSales

Putting the FOMC statement in plain EnglishToday, in its first meeting in 6 weeks, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged.

The Fed Fund Rate remains at a historical low, within a prescribed target range of 0.000-0.250 percent.

In its press release, the FOMC said that, since June, the pace of economic recovery “has slowed”. Household spending is increasing but remains restrained because of high levels of unemployment, falling home values, and restrictive credit.

Today’s statement shows less economic optimism as compared to the prior year’s worth of FOMC statements dating back to June 2009. The Fed is looking for growth to be “more modest in the near-term” than its previous expectations.

Weaknesses aside, the Fed highlighted strengths in the economy, too:

  1. Growth is ongoing on a national level
  2. Inflation levels remain exceedingly low
  3. Business spending is rising

As expected, the Fed re-affirmed its plan to hold the Fed Funds Rate near zero percent “for an extended period”.

There were no surprises in the Fed’s statement so, as a result, the mortgage market’s reaction to the release has been neutral. Mortgage rates in Nevada are unchanged this afternoon.

The FOMC’s next meeting is scheduled for September 21, 2010.

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Kathryn Bovard is a Certified Short Sale Professional and experienced with the often lengthy and stressful Las Vegas short sale process.   If you are contemplating a  Las Vegas short sale , she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

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Comments

  1. Nancy says:

    Thanks for the update. The housing market here in Sacramento Ca is definately slow. Ever since the tax credit ended things stopped moving except the ultra cheap REO’s. You would think even with the interest rates so low things would be moving alittle faster. We do haver alot of unemployment here and I am sure that is affecting the local market.

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