The Federal Reserve agreed with a majority vote to keep the Fed Funds rate unchanged. This means that they are seeing the economy as still sputtering and trying to stimulate the economy with more spending by making interest rates lower or keeping them low.
The economy continues to stay in the dumps and the official language from the Feds statement are detailed below:
- Economic growth “remains slow”
- Unemployment rates “remain elevated”
- The housing sector “remains depressed”
Not all signs indicate that the economy is in poor shape but until you start seeing jobs created and more spending it is very unlikely that you will see too much change in the economy and the housing sector specifically.
If you are not part of “main street” then consider yourself fortunate and start taking advantage of the many opportunities available to you. If you are not considered rich you may want to tighten your belt and prepare for a lengthy rough patch prior to recovery.