Skip to main content

Fed Announces New Rate Cut

Oct 30, 2019
Photo credit: Getty Images/ohmygouche

The Federal Reserve has announced its third rate cut since July.
 
In a statement issued by the policymaking Federal Open Market Committee, the central bank stated it would “lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric two percent objective are the most likely outcomes, but uncertainties about this outlook remain.”
 
The Committee’s vote came with two dissenters: Esther George of the Kansas City Fed and Eric Rosengren of the Boston Fed, who sought to retain the target range at 1-3/4 percent to two percent. The Fed’s action follows rate cuts in July and September—prior to that, the central bank had not cut rates since December 2008.

 
About the author
Published
Oct 30, 2019
Broker Action Coalition Unveils Inaugural Board Of Directors

Newly formed nonprofit organization BAC announces industry professionals to guide its mission of legislative change and educational initiatives in the mortgage industry.

Feb 21, 2024
GSEs Report Strong Earnings

Robust performance marks growth for both Fannie Mae and Freddie Mac, despite a dip in home purchases.

Feb 15, 2024
Friendly Competition Joins Forces

The merger aims to enhance local fulfillment and sales support, marking Guild’s sixth acquisition since 2021 and expanding its licensed originators to over 2,100 amidst a challenging market.

Feb 14, 2024
Guild Mortgage Announces Acquisition Of Competitor Academy Mortgage, Bolsters National Presence

The strategic move will see Guild Mortgage enhance its market share and become the 8th largest non-bank retail lender in the U.S., welcoming over 600 loan officers from Academy.

Feb 13, 2024
Proprietary Capital-Led Group Acquires Multichannel Lender AFR

Colorado-based fund manager Proprietary Capital finalizes acquisition of American Financial Resources.

Feb 13, 2024
Are Trigger Leads Harmful? Prove it

Trade associations claim trigger leads are dangerous to consumers.

Feb 08, 2024