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.
FOMC Statement Shows Tapering Of Quantitative Easing Purchases
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.
Fed Minutes Predicts Tapering Of Quantitative Easing Program
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.
Fed Meeting Minutes Reflect Support For Reducing QE Program
The minutes of last monthâs Federal Open Market Committee (FOMC) meeting show significant support for tapering the Fedâs current amount of monthly securities purchases. These purchases, known as quantitative easing (QE), are an effort to maintain lower long-term interest rates including mortgage rates.
Fed Meeting Statement Positive For Ongoing Mortgage Sector Support
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.
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