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US crude oil prices have crashed almost 26% from their peak in October as fear of a shortfall in supply has turned into talk of a glut.
The Federal Open Market Committee, as expected, unanimously approved keeping the federal funds rate in a range of 2 percent to 2.25 percent.
There was no mention of the volatility that has gripped financial markets since mid-October in the central bank's statement.
The committee noted in the statement that the unemployment rate "has declined" since the September meeting.
The statement noted that the "growth of business fixed investment has moderated from its rapid pace earlier in the year."
originally posted by: toysforadults
a reply to: Bluntone22
That may be what you are observing but the economic data is telling a different story
Anecdotes and all
originally posted by: sligtlyskeptical
Housing market will struggle mightily with higher rates. 2 years ago you could get a 30 year at 3.4%, today it is 4.84%, at least according to FRED. This takes the 30 year monthly payment on a $250,000 loan from $1109 to $1314. As the FED keeps raising rates expect mortgage rate to hit 6% for a payment of $1509. To have the same payment at 3.4% as you do at 6%, price of home (loan amount) must fall from $250,000 to $186,000. $400 per month is a big deal for folks buying at the $250,000 level. Makes an even bigger difference as you move up in price range. This will be really bad for people with adjustable mortgages that can't refinance under good terms. They will get locked into higher than market rates to keep their home, and then rates will fall dramatically once enough damage has been done.