Fed Monetary Policy: No Rate Increase in June

According to its post-meeting statement issued Wednesday, the Federal Open Market Committee of the Federal Reserve voted not to increase its target federal funds rate. The target federal funds rate will remain at 0.250 to 0.50 percent.

Based on review of current and anticipated financial and economic events, the Committee cited slowing job growth and momentum of inflation-based compensation as reasons supporting its decision. While the national unemployment rate recently fell to 4.70 percent, FOMC members saw room for growth in employment. Unemployment rates are calculated based on active workforce members and do not include those who are under-employed or who have left the workforce. Global influences on the Fed’s monetary policy include uncertainties about China’s economy and the possibility that the United Kingdom may exit the European Union.

Housing markets and household spending improved, but the Fed cited lagging business investment and dismal jobs growth as concerns that led to a unanimous decision not to raise the federal funds rate.

Analysts characterized FOMC members as being “dovish” as compared to previous meetings. Only one member expected a single rate increase this year at the April meeting, but six members expected only one rate increase at June’s meeting.

In a post-statement press conference, Fed Chair Janet Yellen said that while a rate increase is possible at FOMC’s July meeting, she noted that there is no post-meeting press conference scheduled, which would make it more difficult for the Fed to explain its decision. Analysts also said that a rate increase is unlikely in September in advance of national elections in November.

Inflation remains below the Fed’s goal of two percent and is expected to do so for the short to medium term.

Fed Chair Cites Changing Economic Conditions, Forecasts Incremental Rate Hikes

Fed Chair Janet Yellen said during her post-meeting press conference that current economic conditions indicate that gradual rate hikes are needed to ensure ongoing economic growth. Rate hikes, when and if they occur, would increase very slowly and are expected to remain “accommodative.”

Clair Yellen said that each FOMC meeting is “live,” which means that meeting agendas and actions can flex according to current developments that influence monetary policy. The FOMC has repeatedly said that its decision-making is primarily based on members’ constant evaluation of developments affecting domestic and global economies.

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4042 S Shady Court Gilbert, AZ 85297

$529,000

4 Beds

2 Baths

1,682 SqFt

Status Active Under Contract

MLS # 6793793

Property Type Single Family Residence

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Looking for a quiet location nestled at the end of a cul-de-sac near easy access walking paths and well maintained space with great privacy and mature trees surrounding? Come see this Power Ranch home that has been well maintained and updated by it's current owners. As you walk through the door you step into a wonderful space for gathering and a beautiful remodeled kitchen with a dine in option. Split floor plan allows for extra privacy with gorgeous guest bath remodel, new carpet and newer flooring throughout. Enjoy your patio space that looks out onto a nurtured but easy to maintain backyard with green grass, trees and cement sidewalk for easy side yard access. This house is ready for its new owner!

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11000 N 77th Place Unit 1083 Scottsdale, AZ 85260

$529,000

2 Beds

2 Baths

1,319 SqFt

Status Active

MLS # 6790639

Property Type Apartment

Price Type --

Beautiful home located within Scottsdale Country Club with 10' ceilings. Home features upgraded wood cabinets, granite countertops and backsplash, breakfast bar, split master bedroom with spacious ensuite with walk in shower and closet. Open concept living room with gas fireplace. Access to private patio from the master bedroom and living room. Community feature exercise room and heater community pool and spa. Home is centrally located close to shopping, restaurant and golf courses and highways. Landlord has taken meticulous care of the home during the time he has owned it. SELLER IS MOTIVATED TO SELL

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23079 E Stacey Road Queen Creek, AZ 85142

$529,000

5 Beds

3 Baths

1,950 SqFt

Status Active

MLS # 6789264

Property Type Single Family Residence

Price Type --

NEW SOLAR SYSTEM COMPLETLY PAID FOR! Pristine home with true 5 bedrooms & 3 baths. All bedrooms are spacious & have close access to a full bath. The yards (front & back) are complete & backyard grass has been over-seeded for the winter. There are many ''smart'' features in the home & the sellers own the security system, Ring camera, soft water & RO, plus all kitchen SS appliances included! Custom painted doors, plenty of cabinets with stone counters in kitchen. Owners suite is split from other bedrooms & is very roomy. Bring your large TV for great room as there is a TV bracket already on the wall. Two patios in backyard, room for garden & other amenities. Community is conveniently located to multiple schools, shopping, & lots of great activities. Check out this MONEY SAVING home today.

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1509 W Lawrence Road Phoenix, AZ 85015

$529,000

4 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6748333

Property Type Single Family Residence

Price Type --

4-bedroom homes in this area don't come for sale often, & when they do, they're not like this. A 1-year old water heater & a 2-year old AC unit will give you immediate peace of mind on move-in day; & the brand-new kitchen with stainless steel appliances, sweet coffee nook, custom bar area (with brand new wine fridge!) & huge island with beautiful quartz countertops will make you smile! This home also features remodeled & luxurious bathrooms, all new carpet & all new LVP flooring throughout, brand-new & very pretty light fixtures & ceiling fans, fresh paint, all new baseboards & interior doors, new RING doorbell & the list goes on! Primary bedroom has a private backyard exit to the covered patio. French doors from the kitchen lead to a perfect view of your kids or pets playing in the huge backyard, which has plenty of space for your RV, a future pool or just room to breathe without the handcuffs of an HOA. Great nearby amenities include: Uptown Farmers Market, Murphy Bridle Path, Bookmans, Luci's, Black Rock Coffee, Sprouts, Petsmart Dog Park, PV Golf Course + more! Easy access to I-17, the light rail & Downtown Phx, too! Just minutes away from the future Metrocenter revamp, which the Phoenix City Council voted to spend $850M to turn into a walkable village containing 150,000 square feet of commercial, retail and restaurant space! Jump on the I-17 for easy access to the TSMC and tech corridor in N Phoenix or cruise to the light rail and head downtown for a concert or to Tempe for an ASU game Don't miss out! Homes rarely come for sale at this price point in this area!

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