Fed Meeting Leaves Low Interest Rate Policy Untouched

As expected by most Fed watchers, the Federal Reserve Open Market Committee left?its low?Fed funds rate (which is in the 0% to 0.25% range) unchanged. This is the 13th consecutive time the Fed has left the rate unchanged in order to help boost the economy and support the housing market, which is due to feel a sting in the second half of this year now that the home buyer's tax credit is now over. New home sales plunged 33% in May because the tax credit?eligibility date has expired..

The Fed said?that the US?economic recovery is “proceeding.”?At the April meeting? the Fed said economic activity was “strengthening.”?Unemployment still runs high, near 10% according to official government statistics, but ShadowStats.com says the real unemployment rate is closer to 20% once you adjust for individuals who have been out of work for a long period of time and simply given up looking.

Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, was the sole member to dissent from the Fed's decision to retain the low interest rate pledge.?This is?the fourth straight meeting where Hoening has argued that the Fed policy must eventually raise rates, and so now is the time to slowly do so.

What this means for? CD rates,? money market rates, and savings account interest rates is “no change for the moment,” which is far from a boon to the interest seeking consumer. However, in time the Federal Reserve?will have to raise rates, but not just yet.

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