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Powell’s speech was a direct hit to mortgage rates

The Federal Reserve Chairman Jerome Powell said during a Wednesday afternoon speech at the Brookings institute that monetary policy affects the economy and inflation with uncertain lags, and the full effects of the ongoing tightening have yet to be felt. 

The mortgage market, however, tells a different story. 

So far, the market has quickly reflected the impact of the Fed’s moves. To illustrate, mortgage rates are on a downward trend amid signs that inflation has started to cool down. In turn, the Fed may reduce the pace of the federal funds rate increases. 

The tightening monetary policy has resulted details ⇒

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