Federal Reserve Says, Nothing To See Here - Keep Driving

Published: August 7, 2007, 2:33 pm

Tags: mortgage news, mortgage industry press release, federal reserve, ben bernanke, mortgage news, monetary, policy, inflation, moderate, pressures, geithner, voting, hoenig

The Federal Reserve are now acting like police officers at the scene of a crime. You know how they want to keep the traffic moving along when there has been a car accident? “Nothing to see here, keep moving along”. We agree that industry needs to learn a lesson and its not the Federal Reserve position to bail out business, but is this just business? How about the millions that deserve to have a mortgage? For immediate release The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. Economic growth was moderate during the first half of the year. Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy. Readings on core inflation

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