There was no surprise on Wednesday as the Federal Open Market Committee (FOMC) chose to leave the federal funds rate unchanged at a range of 4.25% to 4.5%. The decision was almost universally expected by market observers as the Federal Reserve weighs data that could be pushing the U.S. toward a recession.

The short-term direction of mortgage rates — which are more closely tied to Treasury yields than benchmark interest rates — remain uncertain. Rates have consistently decreased over the past two months, coinciding with President Donald Trump’s return to the White House. But economists and policymakers details ⇒

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