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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41090 W Haley Drive Maricopa, AZ 85138

$459,990

3 Beds

2 Baths

1,987 SqFt

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MLS # 6594869

Property Type Single Family Residence

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QUICK MOVE-IN!!! It's our beautiful Belice - 3 bedrooms + flex space, 2 baths and a 3 car tandem garage. 12'x8' sliding glass door off the extended covered patio. Large walk in shower at owner's bath with EMS Casino Ice gloss in a 4x16 tile at shower surrounds . Stainless steel gas appliance package with undermount single bowl sink. Winstead Maple ''Cafe'' stained cabinets through out the home with 42'' kitchen uppers and rollouts at pantry. Himalaya white granite countertops in kitchen and on the enhanced kitchen island. Kitchen backsplash has a 4x16 Ice Matte tile. Flooring includes EMS 12x24 Baccarat Astra tile in all the areas of the home except beds/closets. Dual sinks at bath 2. Two-tone interior paint ''Agreeable Gray'', soft water loop and so much more. Seller to write contract and to verify all information with onsite agents. Water Company is Santa Cruz Water Company and Sewer is Palo Verde Utilities Company.

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1263 E Palo Verde Drive Casa Grande, AZ 85122

$459,990

5 Beds

3 Baths

2,549 SqFt

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MLS # 6637959

Property Type Single Family Residence

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If you're looking for a ranch style, true 5 bedroom split floorplan, in Casa Grande, AZ then look no further! This home, built in 2018, consists of 5 bedrooms, 3 full bathrooms, a 2 car garage and sits on a corner lot 8,448 sqft in size. It has a very spacious backyard with lots of citrus trees and even a large covered patio for those fall, winter and spring nights you may want to enjoy the Arizona weather. This home has had only one owner and has been kept in meticulous condition. There is surround sound throughout and even a multi-camera owned security system and it's all located within the Cottonwood Ranch community of Casa Grande.

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26825 W Kerry Lane Buckeye, AZ 85396

$459,990

2 Beds

2 Baths

1,574 SqFt

Status Active

MLS # 6642095

Property Type Single Family Residence

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Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. This home offers two bedrooms two bathrooms, 4' garage extension, AV built-in, extension at rear of home, large laundry, gas stub and outlet package, 8' interior doors, stainless steel range/oven and microwave, dishwasher, upgraded flooring, cabinets, counter tops and surrounds. Upgraded electrical package and garage hobby package. Complete January 2024.

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2182 W Altimeter Way Paulden, AZ 86334

$459,900

4 Beds

2 Baths

2,280 SqFt

Status Active

MLS # 6615303

Property Type Manufactured Home

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STUNNING NEW CLAYTON HOME IN BEAUTIFUL SETTING OFF PILOT'S REST AIRSTRIP. THIS IS AN AMAZING PROPERTY WITH FOOTHILLS VIEWS OF PRESCOTT NATIONAL FOREST ***LESS THAN A MILE AWAY***. VERY SCENIC AREA. APPROX 1 MILE NORTH OF PAVED BIG CHINO ROAD. SPACIOUS OPEN FLOOR PLAN WITH HUGE ATTENTION TO ENERGY EFFICIENCY. PROPERTY WILL SELL FAST. SEE DOCUMENTS TAB.

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