From Realtor Magazine Online, Daily Real Estate News June 11, 2009
The Federal Reserve’s Beige Book report released Wednesday found five of the Fed’s 12 regions reporting improved business activity. Most reported an increase in home sales and some stabilization in new-home construction, albeit at low levels.
The survey, which is based on phone interviews with businesses in all parts of the country, concluded that the recession is receding. The sense of improvement leaves observers wondering what the Fed will do about interest rates when it meets in two weeks.
The Fed has left interest rates near zero for months, but fears that this approach will lead to inflation has increased the premium investors are willing to pay on long-term Treasury bonds. That has resulted in rising mortgage rates, making it possible that the Fed will take some action to push rates back down.
Source: The Washington Post, Annys Shin and The Associated Press (06/10/2009)
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