Fed Declines to Raise Rates

Phil Hall

Jan 31, 2018

The Trump Administration revisited a concern from earlier in the year that the President was considering the removal of Jerome Powell as Chairman of the Federal Reserve

The final meeting of the Federal Reserve’s Federal Open Market Committee (FOMC) chaired by Janet Yellen resolved to keep rates at their current level.

“In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 1-1/4 to 1-1/2 percent,” the central bank announced in a press statement. “The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to two percent inflation.”

In coming to its unanimous decision, the Fed predicted that “with further gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market conditions will remain strong. Inflation on a 12-month basis is expected to move up this year and to stabilize around the Committee's two percent objective over the medium term.”

Yellen’s term expires on Saturday and Jerome H. Powell will take over as the Fed Chairman.

Link copied

Published

Jan 31, 2018

Diversity & Inclusion

Mid Valley Funding Settles UWM 'All-In' Lawsuit

Agrees to pay $40K over allegations it violated its broker contract; UWM had sought $310,000.

A California mortgage brokerage has agreed to settle a lawsuit over claims it violated the controversial “All-In Initiative” imposed by United Wholesale Mortgage (UWM). Mid Valley Funding & Investment Inc. (MVF) has agreed to pay $40,000 to settle the lawsuit, according...

Courts

Sprout Agrees To Settle Lawsuits Over Unpaid Wages For $3.5M

Deal would compensate former employees left unpaid when lender abruptly closed July 6.

Former Sprout Mortgage employees who went unpaid when the lender abruptly closed in July 2022 would each receive $2,500 from a settlement the company agreed to in federal court. Filed June 1, the agreement, which still requires court approval, is the result of four class-ac...