The Federal Open Market Committee has raised its target for the federal funds rate by 25 basis points, to 2%.The FOMC, a committee of the Federal Reserve Board, described output as moving at a "moderate pace," indicated that labor conditions have improved, and said "inflation and longer-term inflation expectations remain well contained." In reaction to the statement, RBS Greenwich Capital chief economist Steve Stanley said that "market participants may argue for awhile about whether the description of growth as 'moderate' is bullish or bearish." Mr. Stanley opined in an e-mail report that "'measured tightening' remains the operating principle" for the committee, although he noted that if future economic data contradict that statement, the committee's position on the short-term rates might change.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
2h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16