Interpreting which Federal Reserve official represents which "dot" on the central bank's closely watched dot plot of interest rate forecasts is something of a parlor game. "We are still coming up short on our inflation target, and the job market continues to strengthen, suggesting that slack remains".
Asked directly if the market was right to expect three interest rates this year, he replied: "I think three is entirely possible".
Although there was a tightening of monetary policy, what failed to eventuate was a hawkish speech from the Fed President Janet Yellen, which left investors guessing, how many more rate hikes will there be this year? It's a warning about stock prices drooping after the Fed boosts interest rates three times, which it did last Wednesday. The Fed's preferred gauge of price pressures, excluding food and energy, rose 1.7 percent in the 12 months through January, still a bit shy of its 2 percent goal.
Hear sirens? State tornado drills set for Tuesday
It is similar to what people would see or hear during an actual tornado warning, officials with Fairfax County said. Bill Sammler of the National Weather Service said in a statement, "tornadoes can occur any month of the year".
"In view of realized and expected labor market conditions and inflation", the Fed made a decision to raise the target range for the federal funds rate by 25 basis points to 0.75-1.0 percent, the Fed's policy-making committee said in a statement released after its two-day meeting.
In a piece for HousingWire, he writes that the Fed's actions might actually be good for the housing market. "And while it is likely the announcement of that plan will not trigger much of a market response, we don't know that for certain".
Variable-rate mortgage borrowers were less concerned about any immediate impact from the Fed's statement last week, but they too can take some comfort from the Fed's mostly dovish statement because the USA dollar sold off following the Fed's announcement. Five-year fixed-rate mortgages are available at rates as low as 2.44% for high-ratio buyers, and at rates as low as 2.49% for low-ratio buyers. If you are looking to refinance, you should be able to find five-year variable rates in the prime minus 0.45% range (2.25% today), depending on the terms and conditions that are important to you. As such, the spike in our fixed mortgage rates that some had feared did not materialize, and that means its steady-as-she goes for both our fixed and variable mortgage rates.