Home » News » Fomc Meeting Summary
  • FOMC Meeting Summary

    Wall StreetYesterday’s FOMC meeting was a bit of a disappointment for investors. However, while the Fed appeared pessimistic about the global economy, the US market seems to still be moving in a positive direction.

    The weekly MBA mortgage applications revealed a drop in purchases from 8.3% last week to 8.2%, however although there was a downfall if applications, purchase numbers are still coming up positive. Refinance applications came in better, rising up 9.3% on top of the 15.3% gain from last week. This increase is due to the continual low mortgage rates.

    Treasury is auctioning $13B of 30 year bonds at 1pm Eastern today. Also, keep your eye on the Philadelphia Fed Index report coming out tomorrow.

    Other results from yesterday:

    Fed funds unchanged at .25%
    Repeats statement of ‘exceptionally low’ rates through at least mid-2013
    Fed expects ‘moderate pace’ of growth in coming quarters
    Fed to keep reinvesting housing debt into MBS
    Fed says unemployment rate to decline ‘only gradually’

    Dec 14 2011