The housing correction may be more prolonged than originally thought, but so far any related mortgage concerns have been contained in the subprime market, according to members of the Federal Reserve's Federal Open Market Committee.In minutes of the panel's May 9 meeting released May 30, FOMC members said the housing correction is "likely" to be "somewhat longer than previously expected" and concentrated in the new-home sector. However, the Fed officials also indicated that their housing-sector concerns were outweighed by their concerns about inflation. The slight uptick in the FOMC's caution on inflation reflected by the minutes caused the long-term rate-indicative 10-year Treasury yield to inch upward Wednesday afternoon, according to Yahoo! Finance.

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