This Wednesday, the Federal Open Market Committee met to discuss the nation’s current economic conditions. After reviewing the state of the market, the committee voted on whether or not they would continue interest rate hikes in July. The first hike of this year occurred in March, which was raised again when they voted in June—and yesterday, the fed ruled to delay the nation’s next interest rate hike.
In a statement issued by the committee, “[they continue] to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace, and labor market conditions will strengthen somewhat further.”
In addition, the committee members reported the following:
In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 1 to 1-1/4 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.
This is great news for consumers throughout the country, with many economists predicting the next rate hike to occur in December. For any assistance selecting a mortgage, or for more information on home financing, contact one of our mortgage specialists today.