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2014-06-20 09:42:34
Fed Takeaway: Interest Rates Should Hold Steady fo

Fed Takeaway: Interest Rates Should Hold Steady for Rest of 2014, But There are No Guarantees

 

That’s good news, for now, for borrowers. The average 30-year fixed mortgage rate has hovered primarily below 4.5 percent for weeks, and that’s historically low by most measures.

As expected, the Fed said Wednesday that it will cut its monthly bond purchases by another $10 billion per month. The Central Bank also kept its key federal funds rate near zero, a stance that hasn’t changed since the peak of the financial crisis in the fall of 2008.

When will Fed Chair Janet Yellen and her colleagues start raising rates? Most likely next year.

The Fed calmed market worries when it released its “dot plot,” something akin to a  straw poll of its board members’ views on interest rates. The latest dot plot showed all Fed members except one (which is not unusual) believe interest rates will remain the same through the end of 2014.

In a press conference this afternoon, Yellen maintained that interest rates would remain low even after the Fed completely winds down its stimulus. But, as expected, she did not provide any more details, saying “there’s no mechanical formula” for interest rate increases.


Read more at https://ecreditdaily.com/2014/06/fed-takeaway-consumers-interest-rates-hold-steady-rest-2014-guarantees/#BpjLgByArmJVURZS.99

 
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