I was expecting a little more acknowledgement of the current conditions in the mortgage and housing industry from the FOMC. I’m a little surprised that this is all that was mentioned:
"Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy."
I guess I was expecting a little more. I did not anticpate the Fed Funds rate being changed (it’s still 5.25%). Those of you with a Home Equity Line of Credit did not have a mortgage interest rate change today; the prime rate remains at 8.25%. The next meeting is scheduled for September 18, 2007.