Renton Wa Realtor Rants and Info -- Gary McNinch Team

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What the Fed Did In Plain English (April 30, 2009 Edition) for Renton Home Buyers and Sellers

Posted at Renton Wa Realtor Rants and Info -- Gary McNinch Team by Gary McNinch

May. 1, 2009

Tagged with: buy a renton home, fed, first time home buyer, gary mcninch team, interest rates, renton realtor, sell a renton home

The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today within its target range of 0.000-0.250 percent. The Fed also reiterated its plan to support the mortgage market to the tune of $1.5 trillion.

In its press release, the FOMC noted that the economy may still be contracting, but that it's not happening with the same speed as in prior months. Household spending is stabilizing and financial markets are "easing".

Nevertheless, threats to the recovery are everywhere with the following items on the Fed's short list:

The growing ranks of unemployed workers
The reduction of housing wealth nationally
Reduced inventories and investment from business

Furthermore, the FOMC fingered today's inflation levels as too low to support economic growth. This justifies the Fed's plan to hold the Fed Funds Rate near zero percent "for an extended period".

For home buyers and refinancing homeowners, today's press release was not favorable.

After the Fed's announcement, stock markets rallied on the idea that the worst of the economy really is over and that led to a broad bond market sell-off. Mortgage rates spiked in response, adding as much as 0.125 percent, in some cases. As we have been saying, "now is the best time to buy a Renton home or Kennydale townhome." I just don't ever see interest rates getting lower than the historical low rates we currently have." Gary McNinch Team Renton Wa Realtor providing info you to make great financial decisions.

The FOMC's next scheduled meeting is June 23-24, 2009.

Source
Parsing the Fed Statement
The Wall Street Journal Online
April 29, 2009
http://online.wsj.com/public/resources/documents/info-fedparse0904.html

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