U.S. Mortgage Industry Reacts to Federal Reserve’s FOMC Statement

Source: World Property Journal — 

The Mortgage Bankers Association SVP and Chief Economist Mike Fratantoni issued the following comments in reaction to the Federal Reserve’s recent FOMC statement on monetary policy and the economy:

“There were two items to watch from the FOMC following this month’s two-day meeting. First, they announced a 50-basis-point increase in the federal funds target. This change had been telegraphed clearly in recent speeches. The statement also repeated the language that the committee ‘anticipates that ongoing increases in the target range will be appropriate.’ In other words, we are far from done at this point. MBA forecasts that the fed funds target will reach 2.5%, the neutral rate, by the end of 2022.